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Powerball Annuity Jackpot Analysis for Rhode Island (Sep. 23, 2020 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:5.99%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$19,835$231,825
2$347,688$83,445$20,827$243,416
3$365,073$87,617$21,868$255,587
4$383,326$91,998$22,961$268,367
5$402,492$96,598$24,109$281,785
6$422,617$101,428$25,315$295,874
7$443,748$106,500$26,581$310,668
8$465,935$111,824$27,910$326,201
9$489,232$117,416$29,305$342,511
10$513,694$123,287$30,770$359,637
11$539,378$129,451$32,309$377,619
12$566,347$135,923$33,924$396,500
13$594,665$142,720$35,620$416,325
14$624,398$149,856$37,401$437,141
15$655,618$157,348$39,272$458,998
16$688,399$165,216$41,235$481,948
17$722,819$173,476$43,297$506,045
18$758,960$182,150$45,462$531,348
19$796,908$191,258$47,735$557,915
20$836,753$200,821$50,122$585,811
21$878,591$210,862$52,628$615,101
22$922,520$221,405$55,259$645,856
23$968,646$232,475$58,022$678,149
24$1,017,078$244,099$60,923$712,057
25$1,067,932$256,304$63,969$747,659
26$1,121,329$269,119$67,168$785,042
27$1,177,395$282,575$70,526$824,295
28$1,236,265$296,704$74,052$865,509
29$1,298,079$311,539$77,755$908,785
30$1,362,982$327,116$81,643$954,224
Total$22,000,000$5,280,000$1,317,800$15,402,200
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