The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 Million. Should you be the lucky winner of the Powerball 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 Powerball Jackpot/Cash Option for Sat May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(5.99%) | $2,156,400 | | Net Lumpsum Payment | $20,563,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$69,420 |
$700,374 |
| 2 |
$1,216,908 |
$410,586
$72,893 |
$733,429 |
| 3 |
$1,277,738 |
$433,093
$76,537 |
$768,108 |
| 4 |
$1,341,648 |
$456,740
$80,365 |
$804,543 |
| 5 |
$1,408,715 |
$481,555
$84,382 |
$842,778 |
| 6 |
$1,479,170 |
$507,623
$88,602 |
$882,945 |
| 7 |
$1,553,090 |
$534,974
$93,030 |
$925,086 |
| 8 |
$1,630,783 |
$563,720
$97,684 |
$969,379 |
| 9 |
$1,712,326 |
$593,891
$102,568 |
$1,015,867 |
| 10 |
$1,797,950 |
$625,572
$107,697 |
$1,064,681 |
| 11 |
$1,887,809 |
$658,820
$113,080 |
$1,115,909 |
| 12 |
$1,982,211 |
$693,748
$118,734 |
$1,169,729 |
| 13 |
$2,081,310 |
$730,415
$124,670 |
$1,226,225 |
| 14 |
$2,185,414 |
$768,934
$130,906 |
$1,285,574 |
| 15 |
$2,294,677 |
$809,361
$137,451 |
$1,347,865 |
| 16 |
$2,409,407 |
$851,811
$144,323 |
$1,413,273 |
| 17 |
$2,529,835 |
$896,369
$151,537 |
$1,481,929 |
| 18 |
$2,656,346 |
$943,178
$159,115 |
$1,554,053 |
| 19 |
$2,789,171 |
$992,324
$167,071 |
$1,629,776 |
| 20 |
$2,928,618 |
$1,043,919
$175,424 |
$1,709,275 |
| 21 |
$3,075,072 |
$1,098,107
$184,197 |
$1,792,768 |
| 22 |
$3,228,841 |
$1,155,002
$193,408 |
$1,880,431 |
| 23 |
$3,390,233 |
$1,214,717
$203,075 |
$1,972,441 |
| 24 |
$3,559,787 |
$1,277,452
$213,231 |
$2,069,104 |
| 25 |
$3,737,734 |
$1,343,292
$223,890 |
$2,170,552 |
| 26 |
$3,924,690 |
$1,412,466
$235,089 |
$2,277,135 |
| 27 |
$4,120,886 |
$1,485,058
$246,841 |
$2,388,987 |
| 28 |
$4,326,938 |
$1,561,297
$259,184 |
$2,506,457 |
| 29 |
$4,543,308 |
$1,641,354
$272,144 |
$2,629,810 |
| 30 |
$4,770,458 |
$1,725,400
$285,750 |
$2,759,308 |
|
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