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 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| 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 |
|---|
| 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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