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Powerball Annuity Jackpot Analysis for Rhode Island (Apr. 3, 2019 Drawing)

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $54,000,000 would be for a resident of Rhode Island, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Rhode Island

Drawing Date:  Apr. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$48,685$569,026
2$853,416$204,820$51,120$597,477
3$896,087$215,061$53,676$627,351
4$940,892$225,814$56,359$658,718
5$987,936$237,105$59,177$691,654
6$1,037,333$248,960$62,136$726,237
7$1,089,200$261,408$65,243$762,549
8$1,143,660$274,478$68,505$800,676
9$1,200,843$288,202$71,930$840,710
10$1,260,885$302,612$75,527$882,745
11$1,323,929$317,743$79,303$926,883
12$1,390,125$333,630$83,269$973,227
13$1,459,632$350,312$87,432$1,021,888
14$1,532,613$367,827$91,804$1,072,983
15$1,609,244$386,219$96,394$1,126,632
16$1,689,706$405,529$101,213$1,182,963
17$1,774,191$425,806$106,274$1,242,111
18$1,862,901$447,096$111,588$1,304,217
19$1,956,046$469,451$117,167$1,369,428
20$2,053,848$492,924$123,026$1,437,899
21$2,156,541$517,570$129,177$1,509,794
22$2,264,368$543,448$135,636$1,585,284
23$2,377,586$570,621$142,417$1,664,548
24$2,496,465$599,152$149,538$1,747,775
25$2,621,289$629,109$157,015$1,835,164
26$2,752,353$660,565$164,866$1,926,922
27$2,889,971$693,593$173,109$2,023,269
28$3,034,469$728,273$181,765$2,124,432
29$3,186,193$764,686$190,853$2,230,654
30$3,345,502$802,921$200,396$2,342,186
Total$54,000,000$12,960,000$3,234,600$37,805,400
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