The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(5.99%) | $2,533,770 | | Net Lumpsum Payment | $24,154,900 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$84,746 |
$846,244 |
| 2 |
$1,485,576 |
$509,994
$88,986 |
$886,596 |
| 3 |
$1,559,836 |
$537,470
$93,434 |
$928,932 |
| 4 |
$1,637,856 |
$566,337
$98,108 |
$973,411 |
| 5 |
$1,719,730 |
$596,630
$103,012 |
$1,020,088 |
| 6 |
$1,805,740 |
$628,454
$108,164 |
$1,069,122 |
| 7 |
$1,895,980 |
$661,843
$113,569 |
$1,120,568 |
| 8 |
$1,990,826 |
$696,936
$119,250 |
$1,174,640 |
| 9 |
$2,090,372 |
$733,768
$125,213 |
$1,231,391 |
| 10 |
$2,194,900 |
$772,443
$131,475 |
$1,290,982 |
| 11 |
$2,304,598 |
$813,032
$138,045 |
$1,353,521 |
| 12 |
$2,419,842 |
$855,672
$144,949 |
$1,419,221 |
| 13 |
$2,540,820 |
$900,434
$152,195 |
$1,488,191 |
| 14 |
$2,667,908 |
$947,456
$159,808 |
$1,560,644 |
| 15 |
$2,801,294 |
$996,809
$167,798 |
$1,636,687 |
| 16 |
$2,941,354 |
$1,048,631
$176,187 |
$1,716,536 |
| 17 |
$3,088,370 |
$1,103,027
$184,993 |
$1,800,350 |
| 18 |
$3,242,812 |
$1,160,171
$194,244 |
$1,888,397 |
| 19 |
$3,404,962 |
$1,220,166
$203,957 |
$1,980,839 |
| 20 |
$3,575,196 |
$1,283,153
$214,154 |
$2,077,889 |
| 21 |
$3,753,984 |
$1,349,304
$224,864 |
$2,179,816 |
| 22 |
$3,941,702 |
$1,418,760
$236,108 |
$2,286,834 |
| 23 |
$4,138,726 |
$1,491,659
$247,910 |
$2,399,157 |
| 24 |
$4,345,714 |
$1,568,245
$260,308 |
$2,517,161 |
| 25 |
$4,562,948 |
$1,648,621
$273,321 |
$2,641,006 |
| 26 |
$4,791,180 |
$1,733,067
$286,992 |
$2,771,121 |
| 27 |
$5,030,692 |
$1,821,686
$301,338 |
$2,907,668 |
| 28 |
$5,282,236 |
$1,914,758
$316,406 |
$3,051,072 |
| 29 |
$5,546,376 |
$2,012,490
$332,228 |
$3,201,658 |
| 30 |
$5,823,676 |
$2,115,091
$348,838 |
$3,359,747 |
|
|
