The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Rhode Island residents, the state will deduct 5.99% from your lottery earnings.
| Rhode Island Powerball Jackpot/Cash Option for Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(5.99%) | $2,479,860 | | Net Lumpsum Payment | $23,641,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$79,337 |
$794,760 |
| 2 |
$1,390,752 |
$474,909
$83,306 |
$832,537 |
| 3 |
$1,460,272 |
$500,631
$87,470 |
$872,171 |
| 4 |
$1,533,312 |
$527,656
$91,845 |
$913,811 |
| 5 |
$1,609,960 |
$556,016
$96,437 |
$957,507 |
| 6 |
$1,690,480 |
$585,808
$101,260 |
$1,003,412 |
| 7 |
$1,774,960 |
$617,066
$106,320 |
$1,051,574 |
| 8 |
$1,863,752 |
$649,919
$111,639 |
$1,102,194 |
| 9 |
$1,956,944 |
$684,400
$117,221 |
$1,155,323 |
| 10 |
$2,054,800 |
$720,606
$123,083 |
$1,211,111 |
| 11 |
$2,157,496 |
$758,604
$129,234 |
$1,269,658 |
| 12 |
$2,265,384 |
$798,522
$135,697 |
$1,331,165 |
| 13 |
$2,378,640 |
$840,427
$142,481 |
$1,395,732 |
| 14 |
$2,497,616 |
$884,448
$149,607 |
$1,463,561 |
| 15 |
$2,622,488 |
$930,651
$157,087 |
$1,534,750 |
| 16 |
$2,753,608 |
$979,165
$164,941 |
$1,609,502 |
| 17 |
$2,891,240 |
$1,030,089
$173,185 |
$1,687,966 |
| 18 |
$3,035,824 |
$1,083,585
$181,846 |
$1,770,393 |
| 19 |
$3,187,624 |
$1,139,751
$190,939 |
$1,856,934 |
| 20 |
$3,346,992 |
$1,198,717
$200,485 |
$1,947,790 |
| 21 |
$3,514,368 |
$1,260,647
$210,511 |
$2,043,210 |
| 22 |
$3,690,104 |
$1,325,669
$221,037 |
$2,143,398 |
| 23 |
$3,874,552 |
$1,393,915
$232,086 |
$2,248,551 |
| 24 |
$4,068,328 |
$1,465,612
$243,693 |
$2,359,023 |
| 25 |
$4,271,696 |
$1,540,858
$255,875 |
$2,474,963 |
| 26 |
$4,485,360 |
$1,619,914
$268,673 |
$2,596,773 |
| 27 |
$4,709,584 |
$1,702,876
$282,104 |
$2,724,604 |
| 28 |
$4,945,072 |
$1,790,007
$296,210 |
$2,858,855 |
| 29 |
$5,192,352 |
$1,881,501
$311,022 |
$2,999,829 |
| 30 |
$5,451,952 |
$1,977,553
$326,572 |
$3,147,827 |
|
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