The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024 |
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Draw Date | Fri Nov 1, 2024 | Projected Jackpot | $281,000,000 | Cash Value | $129,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $129,800,000 | Federal Tax(24%) | $31,152,000 | Additional Federal Tax | $16,834,330 | State Tax(5.99%) | $7,775,020 | Net Lumpsum Payment | $74,038,650 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$4,229,331 |
$1,525,183 $253,337 |
$2,450,811 |
2 |
$4,440,924 |
$1,603,472 $266,011 |
$2,571,441 |
3 |
$4,662,914 |
$1,685,609 $279,309 |
$2,697,996 |
4 |
$4,896,144 |
$1,771,904 $293,279 |
$2,830,961 |
5 |
$5,140,895 |
$1,862,462 $307,940 |
$2,970,493 |
6 |
$5,398,010 |
$1,957,594 $323,341 |
$3,117,075 |
7 |
$5,667,770 |
$2,057,405 $339,499 |
$3,270,866 |
8 |
$5,951,299 |
$2,162,311 $356,483 |
$3,432,505 |
9 |
$6,248,878 |
$2,272,415 $374,308 |
$3,602,155 |
10 |
$6,561,350 |
$2,388,030 $393,025 |
$3,780,295 |
11 |
$6,889,277 |
$2,509,363 $412,668 |
$3,967,246 |
12 |
$7,233,783 |
$2,636,830 $433,304 |
$4,163,649 |
13 |
$7,595,430 |
$2,770,639 $454,966 |
$4,369,825 |
14 |
$7,975,342 |
$2,911,207 $477,723 |
$4,586,412 |
15 |
$8,374,081 |
$3,058,740 $501,607 |
$4,813,734 |
16 |
$8,792,771 |
$3,213,656 $526,687 |
$5,052,428 |
17 |
$9,232,255 |
$3,376,265 $553,012 |
$5,302,978 |
18 |
$9,693,938 |
$3,547,087 $580,667 |
$5,566,184 |
19 |
$10,178,663 |
$3,726,436 $609,702 |
$5,842,525 |
20 |
$10,687,554 |
$3,914,725 $640,184 |
$6,132,645 |
21 |
$11,222,016 |
$4,112,476 $672,199 |
$6,437,341 |
22 |
$11,783,173 |
$4,320,104 $705,812 |
$6,757,257 |
23 |
$12,372,149 |
$4,538,026 $741,092 |
$7,093,031 |
24 |
$12,990,911 |
$4,766,967 $778,156 |
$7,445,788 |
25 |
$13,640,302 |
$5,007,242 $817,054 |
$7,816,006 |
26 |
$14,322,570 |
$5,259,681 $857,922 |
$8,204,967 |
27 |
$15,038,558 |
$5,524,597 $900,810 |
$8,613,151 |
28 |
$15,790,514 |
$5,802,821 $945,852 |
$9,041,841 |
29 |
$16,580,124 |
$6,094,976 $993,149 |
$9,491,999 |
30 |
$17,409,074 |
$6,401,688 $1,042,804 |
$9,964,582 |
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