The jackpot for the MEGA Millions draw on Fri Nov 29, 2024, is projected to be $514 Million, with an option for a cash payout of $241 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 Nov 29, 2024 |
|---|
| Draw Date | Fri Nov 29, 2024 | | Projected Jackpot | $514,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(5.99%) | $14,435,900 | | Net Lumpsum Payment | $137,433,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,736,214 |
$2,822,730
$463,399 |
$4,450,085 |
| 2 |
$8,123,256 |
$2,965,935
$486,583 |
$4,670,738 |
| 3 |
$8,529,316 |
$3,116,177
$510,906 |
$4,902,233 |
| 4 |
$8,955,936 |
$3,274,027
$536,461 |
$5,145,448 |
| 5 |
$9,403,630 |
$3,439,673
$563,277 |
$5,400,680 |
| 6 |
$9,873,940 |
$3,613,688
$591,449 |
$5,668,803 |
| 7 |
$10,367,380 |
$3,796,261
$621,006 |
$5,950,113 |
| 8 |
$10,886,006 |
$3,988,153
$652,072 |
$6,245,781 |
| 9 |
$11,430,332 |
$4,189,553
$684,677 |
$6,556,102 |
| 10 |
$12,001,900 |
$4,401,033
$718,914 |
$6,881,953 |
| 11 |
$12,601,738 |
$4,622,973
$754,844 |
$7,223,921 |
| 12 |
$13,231,902 |
$4,856,134
$792,591 |
$7,583,177 |
| 13 |
$13,893,420 |
$5,100,896
$832,216 |
$7,960,308 |
| 14 |
$14,588,348 |
$5,358,019
$873,842 |
$8,356,487 |
| 15 |
$15,317,714 |
$5,627,885
$917,531 |
$8,772,298 |
| 16 |
$16,083,574 |
$5,911,253
$963,406 |
$9,208,915 |
| 17 |
$16,887,470 |
$6,208,694
$1,011,559 |
$9,667,217 |
| 18 |
$17,731,972 |
$6,521,160
$1,062,145 |
$10,148,667 |
| 19 |
$18,618,622 |
$6,849,221
$1,115,255 |
$10,654,146 |
| 20 |
$19,549,476 |
$7,193,637
$1,171,014 |
$11,184,825 |
| 21 |
$20,527,104 |
$7,555,359
$1,229,574 |
$11,742,171 |
| 22 |
$21,553,562 |
$7,935,148
$1,291,058 |
$12,327,356 |
| 23 |
$22,630,906 |
$8,333,766
$1,355,591 |
$12,941,549 |
| 24 |
$23,762,734 |
$8,752,542
$1,423,388 |
$13,586,804 |
| 25 |
$24,950,588 |
$9,192,048
$1,494,540 |
$14,264,000 |
| 26 |
$26,198,580 |
$9,653,805
$1,569,295 |
$14,975,480 |
| 27 |
$27,508,252 |
$10,138,384
$1,647,744 |
$15,722,124 |
| 28 |
$28,883,716 |
$10,647,305
$1,730,135 |
$16,506,276 |
| 29 |
$30,328,056 |
$11,181,711
$1,816,651 |
$17,329,694 |
| 30 |
$31,844,356 |
$11,742,742
$1,907,477 |
$18,194,137 |
|
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