The jackpot for the Powerball draw on Mon May 19, 2025, is projected to be $134 Million, with an option for a cash payout of $60.3 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 Mon May 19, 2025 |
---|
Draw Date | Mon May 19, 2025 | Projected Jackpot | $134,000,000 | Cash Value | $60,300,000 |
Lumpsum Option Taxes and Payment |
---|
Cash Gross Payment | $60,300,000 | Federal Tax(24%) | $14,472,000 | Additional Federal Tax | $7,799,330 | State Tax(5.99%) | $3,611,970 | Net Lumpsum Payment | $34,416,700 |
Annuity Payment in 30 Installations |
---|
Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$2,016,834 |
$706,559 $120,808 |
$1,189,467 |
2 |
$2,117,736 |
$743,893 $126,852 |
$1,246,991 |
3 |
$2,223,596 |
$783,061 $133,193 |
$1,307,342 |
4 |
$2,334,816 |
$824,212 $139,855 |
$1,370,749 |
5 |
$2,451,530 |
$867,396 $146,847 |
$1,437,287 |
6 |
$2,574,140 |
$912,762 $154,191 |
$1,507,187 |
7 |
$2,702,780 |
$960,359 $161,897 |
$1,580,524 |
8 |
$2,837,986 |
$1,010,385 $169,995 |
$1,657,606 |
9 |
$2,979,892 |
$1,062,890 $178,496 |
$1,738,506 |
10 |
$3,128,900 |
$1,118,023 $187,421 |
$1,823,456 |
11 |
$3,285,278 |
$1,175,883 $196,788 |
$1,912,607 |
12 |
$3,449,562 |
$1,236,668 $206,629 |
$2,006,265 |
13 |
$3,622,020 |
$1,300,478 $216,959 |
$2,104,583 |
14 |
$3,803,188 |
$1,367,510 $227,811 |
$2,207,867 |
15 |
$3,993,334 |
$1,437,864 $239,201 |
$2,316,269 |
16 |
$4,192,994 |
$1,511,738 $251,160 |
$2,430,096 |
17 |
$4,402,570 |
$1,589,281 $263,714 |
$2,549,575 |
18 |
$4,622,732 |
$1,670,741 $276,902 |
$2,675,089 |
19 |
$4,853,882 |
$1,756,267 $290,748 |
$2,806,867 |
20 |
$5,096,556 |
$1,846,056 $305,284 |
$2,945,216 |
21 |
$5,351,424 |
$1,940,357 $320,550 |
$3,090,517 |
22 |
$5,619,022 |
$2,039,369 $336,579 |
$3,243,074 |
23 |
$5,899,886 |
$2,143,288 $353,403 |
$3,403,195 |
24 |
$6,194,954 |
$2,252,463 $371,078 |
$3,571,413 |
25 |
$6,504,628 |
$2,367,043 $389,627 |
$3,747,958 |
26 |
$6,829,980 |
$2,487,423 $409,116 |
$3,933,441 |
27 |
$7,171,412 |
$2,613,753 $429,568 |
$4,128,091 |
28 |
$7,529,996 |
$2,746,429 $451,047 |
$4,332,520 |
29 |
$7,906,536 |
$2,885,749 $473,602 |
$4,547,185 |
30 |
$8,301,836 |
$3,032,010 $497,280 |
$4,772,546 |
|
|