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 Date | Wed 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 |
|
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