The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 Million. Should you be the lucky winner of the MEGA Millions 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 MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
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Draw Date | Fri May 17, 2024 | Projected Jackpot | $393,000,000 | Cash Value | $181,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $181,500,000 | Federal Tax(24%) | $43,560,000 | Additional Federal Tax | $23,555,330 | State Tax(5.99%) | $10,871,850 | Net Lumpsum Payment | $103,512,820 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$5,915,043 |
$2,148,896 $354,311 |
$3,411,836 |
2 |
$6,210,972 |
$2,258,390 $372,037 |
$3,580,545 |
3 |
$6,521,442 |
$2,373,264 $390,634 |
$3,757,544 |
4 |
$6,847,632 |
$2,493,954 $410,173 |
$3,943,505 |
5 |
$7,189,935 |
$2,620,606 $430,677 |
$4,138,652 |
6 |
$7,549,530 |
$2,753,656 $452,217 |
$4,343,657 |
7 |
$7,926,810 |
$2,893,250 $474,816 |
$4,558,744 |
8 |
$8,323,347 |
$3,039,969 $498,568 |
$4,784,810 |
9 |
$8,739,534 |
$3,193,958 $523,498 |
$5,022,078 |
10 |
$9,176,550 |
$3,355,654 $549,675 |
$5,271,221 |
11 |
$9,635,181 |
$3,525,347 $577,147 |
$5,532,687 |
12 |
$10,116,999 |
$3,703,620 $606,008 |
$5,807,371 |
13 |
$10,622,790 |
$3,890,763 $636,305 |
$6,095,722 |
14 |
$11,154,126 |
$4,087,357 $668,132 |
$6,398,637 |
15 |
$11,711,793 |
$4,293,694 $701,536 |
$6,716,563 |
16 |
$12,297,363 |
$4,510,355 $736,612 |
$7,050,396 |
17 |
$12,912,015 |
$4,737,776 $773,430 |
$7,400,809 |
18 |
$13,557,714 |
$4,976,685 $812,107 |
$7,768,922 |
19 |
$14,235,639 |
$5,227,517 $852,715 |
$8,155,407 |
20 |
$14,947,362 |
$5,490,854 $895,347 |
$8,561,161 |
21 |
$15,694,848 |
$5,767,424 $940,121 |
$8,987,303 |
22 |
$16,479,669 |
$6,057,808 $987,132 |
$9,434,729 |
23 |
$17,303,397 |
$6,362,587 $1,036,473 |
$9,904,337 |
24 |
$18,168,783 |
$6,682,780 $1,088,310 |
$10,397,693 |
25 |
$19,077,006 |
$7,018,823 $1,142,713 |
$10,915,470 |
26 |
$20,031,210 |
$7,371,878 $1,199,869 |
$11,459,463 |
27 |
$21,032,574 |
$7,742,383 $1,259,851 |
$12,030,340 |
28 |
$22,084,242 |
$8,131,500 $1,322,846 |
$12,629,896 |
29 |
$23,188,572 |
$8,540,102 $1,388,995 |
$13,259,475 |
30 |
$24,347,922 |
$8,969,062 $1,458,441 |
$13,920,419 |
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