Jackpot Analysis Rhode Island Powerball

Jackpot Analysis for Rhode Island Powerball
The jackpot for the Powerball draw on Wed Oct 30, 2024, is projected to be $39 Million, with an option for a cash payout of $18.6 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 Wed Oct 30, 2024
Draw DateWed Oct 30, 2024
Projected Jackpot$39,000,000
Cash Value$18,600,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$18,600,000
Federal Tax(24%)$4,464,000
Additional Federal Tax$2,378,330
State Tax(5.99%)$1,114,140
Net Lumpsum Payment$10,643,530
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $586,989 $177,516
$35,161
$374,312
2 $616,356 $188,382
$36,920
$391,054
3 $647,166 $199,782
$38,765
$408,619
4 $679,536 $211,759
$40,704
$427,073
5 $713,505 $224,327
$42,739
$446,439
6 $749,190 $237,531
$44,876
$466,783
7 $786,630 $251,383
$47,119
$488,128
8 $825,981 $265,943
$49,476
$510,562
9 $867,282 $281,225
$51,950
$534,107
10 $910,650 $297,271
$54,548
$558,831
11 $956,163 $314,111
$57,274
$584,778
12 $1,003,977 $331,802
$60,138
$612,037
13 $1,054,170 $350,373
$63,145
$640,652
14 $1,106,898 $369,883
$66,303
$670,712
15 $1,162,239 $390,359
$69,618
$702,262
16 $1,220,349 $411,860
$73,099
$735,390
17 $1,281,345 $434,428
$76,753
$770,164
18 $1,345,422 $458,137
$80,591
$806,694
19 $1,412,697 $483,028
$84,621
$845,048
20 $1,483,326 $509,161
$88,851
$885,314
21 $1,557,504 $536,607
$93,294
$927,603
22 $1,635,387 $565,424
$97,960
$972,003
23 $1,717,131 $595,669
$102,856
$1,018,606
24 $1,803,009 $627,444
$108,000
$1,067,565
25 $1,893,138 $660,791
$113,399
$1,118,948
26 $1,987,830 $695,827
$119,071
$1,172,932
27 $2,087,202 $732,595
$125,023
$1,229,584
28 $2,191,566 $771,210
$131,275
$1,289,081
29 $2,301,156 $811,758
$137,839
$1,351,559
30 $2,416,206 $854,327
$144,731
$1,417,148