The jackpot for the Powerball draw on Sat Jan 4, 2025, is projected to be $200 Million, with an option for a cash payout of $90.7 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 Sat Jan 4, 2025 |
|---|
| Draw Date | Sat Jan 4, 2025 | | Projected Jackpot | $200,000,000 | | Cash Value | $90,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $90,700,000 | | Federal Tax(24%) | $21,768,000 | | Additional Federal Tax | $11,751,330 | | State Tax(5.99%) | $5,432,930 | | Net Lumpsum Payment | $51,747,740 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,010,200 |
$1,074,104
$180,311 |
$1,755,785 |
| 2 |
$3,160,800 |
$1,129,826
$189,332 |
$1,841,642 |
| 3 |
$3,318,800 |
$1,188,286
$198,796 |
$1,931,718 |
| 4 |
$3,484,800 |
$1,249,706
$208,740 |
$2,026,354 |
| 5 |
$3,659,000 |
$1,314,160
$219,174 |
$2,125,666 |
| 6 |
$3,842,000 |
$1,381,870
$230,136 |
$2,229,994 |
| 7 |
$4,034,000 |
$1,452,910
$241,637 |
$2,339,453 |
| 8 |
$4,235,800 |
$1,527,576
$253,724 |
$2,454,500 |
| 9 |
$4,447,600 |
$1,605,942
$266,411 |
$2,575,247 |
| 10 |
$4,670,000 |
$1,688,230
$279,733 |
$2,702,037 |
| 11 |
$4,903,400 |
$1,774,588
$293,714 |
$2,835,098 |
| 12 |
$5,148,600 |
$1,865,312
$308,401 |
$2,974,887 |
| 13 |
$5,406,000 |
$1,960,550
$323,819 |
$3,121,631 |
| 14 |
$5,676,400 |
$2,060,598
$340,016 |
$3,275,786 |
| 15 |
$5,960,200 |
$2,165,604
$357,016 |
$3,437,580 |
| 16 |
$6,258,200 |
$2,275,864
$374,866 |
$3,607,470 |
| 17 |
$6,571,000 |
$2,391,600
$393,603 |
$3,785,797 |
| 18 |
$6,899,600 |
$2,513,182
$413,286 |
$3,973,132 |
| 19 |
$7,244,600 |
$2,640,832
$433,952 |
$4,169,816 |
| 20 |
$7,606,800 |
$2,774,846
$455,647 |
$4,376,307 |
| 21 |
$7,987,200 |
$2,915,594
$478,433 |
$4,593,173 |
| 22 |
$8,386,600 |
$3,063,372
$502,357 |
$4,820,871 |
| 23 |
$8,805,800 |
$3,218,476
$527,467 |
$5,059,857 |
| 24 |
$9,246,200 |
$3,381,424
$553,847 |
$5,310,929 |
| 25 |
$9,708,400 |
$3,552,438
$581,533 |
$5,574,429 |
| 26 |
$10,194,000 |
$3,732,110
$610,621 |
$5,851,269 |
| 27 |
$10,703,600 |
$3,920,662
$641,146 |
$6,141,792 |
| 28 |
$11,238,800 |
$4,118,686
$673,204 |
$6,446,910 |
| 29 |
$11,800,800 |
$4,326,626
$706,868 |
$6,767,306 |
| 30 |
$12,390,800 |
$4,544,926
$742,209 |
$7,103,665 |
|
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