The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 Tue May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(5.99%) | $9,997,310 | | Net Lumpsum Payment | $95,189,360 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$327,264 |
$3,154,419 |
| 2 |
$5,736,852 |
$2,082,966
$343,637 |
$3,310,249 |
| 3 |
$6,023,622 |
$2,189,071
$360,815 |
$3,473,736 |
| 4 |
$6,324,912 |
$2,300,548
$378,862 |
$3,645,502 |
| 5 |
$6,641,085 |
$2,417,532
$397,801 |
$3,825,752 |
| 6 |
$6,973,230 |
$2,540,425
$417,696 |
$4,015,109 |
| 7 |
$7,321,710 |
$2,669,363
$438,570 |
$4,213,777 |
| 8 |
$7,687,977 |
$2,804,882
$460,510 |
$4,422,585 |
| 9 |
$8,072,394 |
$2,947,116
$483,536 |
$4,641,742 |
| 10 |
$8,476,050 |
$3,096,469
$507,715 |
$4,871,866 |
| 11 |
$8,899,671 |
$3,253,209
$533,090 |
$5,113,372 |
| 12 |
$9,344,709 |
$3,417,873
$559,748 |
$5,367,088 |
| 13 |
$9,811,890 |
$3,590,730
$587,732 |
$5,633,428 |
| 14 |
$10,302,666 |
$3,772,317
$617,130 |
$5,913,219 |
| 15 |
$10,817,763 |
$3,962,903
$647,984 |
$6,206,876 |
| 16 |
$11,358,633 |
$4,163,025
$680,382 |
$6,515,226 |
| 17 |
$11,926,365 |
$4,373,085
$714,389 |
$6,838,891 |
| 18 |
$12,522,774 |
$4,593,757
$750,114 |
$7,178,903 |
| 19 |
$13,148,949 |
$4,825,442
$787,622 |
$7,535,885 |
| 20 |
$13,806,342 |
$5,068,677
$827,000 |
$7,910,665 |
| 21 |
$14,496,768 |
$5,324,135
$868,356 |
$8,304,277 |
| 22 |
$15,221,679 |
$5,592,352
$911,779 |
$8,717,548 |
| 23 |
$15,982,527 |
$5,873,865
$957,353 |
$9,151,309 |
| 24 |
$16,781,853 |
$6,169,616
$1,005,233 |
$9,607,004 |
| 25 |
$17,620,746 |
$6,480,006
$1,055,483 |
$10,085,257 |
| 26 |
$18,502,110 |
$6,806,111
$1,108,276 |
$10,587,723 |
| 27 |
$19,427,034 |
$7,148,333
$1,163,679 |
$11,115,022 |
| 28 |
$20,398,422 |
$7,507,747
$1,221,865 |
$11,668,810 |
| 29 |
$21,418,452 |
$7,885,158
$1,282,965 |
$12,250,329 |
| 30 |
$22,489,302 |
$8,281,372
$1,347,109 |
$12,860,821 |
|
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