The jackpot for the MEGA Millions draw on Fri Jan 3, 2025, is projected to be $42 Million, with an option for a cash payout of $18.8 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 Jan 3, 2025 |
|---|
| Draw Date | Fri Jan 3, 2025 | | Projected Jackpot | $42,000,000 | | Cash Value | $18,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,800,000 | | Federal Tax(24%) | $4,512,000 | | Additional Federal Tax | $2,404,330 | | State Tax(5.99%) | $1,126,120 | | Net Lumpsum Payment | $10,757,550 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$37,865 |
$400,054 |
| 2 |
$663,768 |
$205,925
$39,760 |
$418,083 |
| 3 |
$696,948 |
$218,201
$41,747 |
$437,000 |
| 4 |
$731,808 |
$231,099
$43,835 |
$456,874 |
| 5 |
$768,390 |
$244,635
$46,027 |
$477,728 |
| 6 |
$806,820 |
$258,854
$48,329 |
$499,637 |
| 7 |
$847,140 |
$273,772
$50,744 |
$522,624 |
| 8 |
$889,518 |
$289,452
$53,282 |
$546,784 |
| 9 |
$933,996 |
$305,909
$55,946 |
$572,141 |
| 10 |
$980,700 |
$323,189
$58,744 |
$598,767 |
| 11 |
$1,029,714 |
$341,325
$61,680 |
$626,709 |
| 12 |
$1,081,206 |
$360,377
$64,764 |
$656,065 |
| 13 |
$1,135,260 |
$380,377
$68,002 |
$686,881 |
| 14 |
$1,192,044 |
$401,387
$71,403 |
$719,254 |
| 15 |
$1,251,642 |
$423,438
$74,973 |
$753,231 |
| 16 |
$1,314,222 |
$446,593
$78,722 |
$788,907 |
| 17 |
$1,379,910 |
$470,897
$82,657 |
$826,356 |
| 18 |
$1,448,916 |
$496,429
$86,790 |
$865,697 |
| 19 |
$1,521,366 |
$523,236
$91,130 |
$907,000 |
| 20 |
$1,597,428 |
$551,379
$95,686 |
$950,363 |
| 21 |
$1,677,312 |
$580,936
$100,471 |
$995,905 |
| 22 |
$1,761,186 |
$611,969
$105,495 |
$1,043,722 |
| 23 |
$1,849,218 |
$644,541
$110,768 |
$1,093,909 |
| 24 |
$1,941,702 |
$678,760
$116,308 |
$1,146,634 |
| 25 |
$2,038,764 |
$714,673
$122,122 |
$1,201,969 |
| 26 |
$2,140,740 |
$752,404
$128,230 |
$1,260,106 |
| 27 |
$2,247,756 |
$792,000
$134,641 |
$1,321,115 |
| 28 |
$2,360,148 |
$833,585
$141,373 |
$1,385,190 |
| 29 |
$2,478,168 |
$877,253
$148,442 |
$1,452,473 |
| 30 |
$2,602,068 |
$923,096
$155,864 |
$1,523,108 |
|
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