The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(5.99%) | $10,871,850 | | Net Lumpsum Payment | $103,512,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$354,311 |
$3,411,836 |
| 2 |
$6,210,972 |
$2,258,390
$372,037 |
$3,580,545 |
| 3 |
$6,521,442 |
$2,373,264
$390,634 |
$3,757,544 |
| 4 |
$6,847,632 |
$2,493,954
$410,173 |
$3,943,505 |
| 5 |
$7,189,935 |
$2,620,606
$430,677 |
$4,138,652 |
| 6 |
$7,549,530 |
$2,753,656
$452,217 |
$4,343,657 |
| 7 |
$7,926,810 |
$2,893,250
$474,816 |
$4,558,744 |
| 8 |
$8,323,347 |
$3,039,969
$498,568 |
$4,784,810 |
| 9 |
$8,739,534 |
$3,193,958
$523,498 |
$5,022,078 |
| 10 |
$9,176,550 |
$3,355,654
$549,675 |
$5,271,221 |
| 11 |
$9,635,181 |
$3,525,347
$577,147 |
$5,532,687 |
| 12 |
$10,116,999 |
$3,703,620
$606,008 |
$5,807,371 |
| 13 |
$10,622,790 |
$3,890,763
$636,305 |
$6,095,722 |
| 14 |
$11,154,126 |
$4,087,357
$668,132 |
$6,398,637 |
| 15 |
$11,711,793 |
$4,293,694
$701,536 |
$6,716,563 |
| 16 |
$12,297,363 |
$4,510,355
$736,612 |
$7,050,396 |
| 17 |
$12,912,015 |
$4,737,776
$773,430 |
$7,400,809 |
| 18 |
$13,557,714 |
$4,976,685
$812,107 |
$7,768,922 |
| 19 |
$14,235,639 |
$5,227,517
$852,715 |
$8,155,407 |
| 20 |
$14,947,362 |
$5,490,854
$895,347 |
$8,561,161 |
| 21 |
$15,694,848 |
$5,767,424
$940,121 |
$8,987,303 |
| 22 |
$16,479,669 |
$6,057,808
$987,132 |
$9,434,729 |
| 23 |
$17,303,397 |
$6,362,587
$1,036,473 |
$9,904,337 |
| 24 |
$18,168,783 |
$6,682,780
$1,088,310 |
$10,397,693 |
| 25 |
$19,077,006 |
$7,018,823
$1,142,713 |
$10,915,470 |
| 26 |
$20,031,210 |
$7,371,878
$1,199,869 |
$11,459,463 |
| 27 |
$21,032,574 |
$7,742,383
$1,259,851 |
$12,030,340 |
| 28 |
$22,084,242 |
$8,131,500
$1,322,846 |
$12,629,896 |
| 29 |
$23,188,572 |
$8,540,102
$1,388,995 |
$13,259,475 |
| 30 |
$24,347,922 |
$8,969,062
$1,458,441 |
$13,920,419 |
|
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