The jackpot for the MEGA Millions draw on Fri May 2, 2025, is projected to be $80 Million, with an option for a cash payout of $36.4 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 2, 2025 |
|---|
| Draw Date | Fri May 2, 2025 | | Projected Jackpot | $80,000,000 | | Cash Value | $36,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,400,000 | | Federal Tax(24%) | $8,736,000 | | Additional Federal Tax | $4,692,330 | | State Tax(5.99%) | $2,180,360 | | Net Lumpsum Payment | $20,791,310 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,204,080 |
$405,840
$72,124 |
$726,116 |
| 2 |
$1,264,320 |
$428,129
$75,733 |
$760,458 |
| 3 |
$1,327,520 |
$451,513
$79,518 |
$796,489 |
| 4 |
$1,393,920 |
$476,081
$83,496 |
$834,343 |
| 5 |
$1,463,600 |
$501,862
$87,670 |
$874,068 |
| 6 |
$1,536,800 |
$528,946
$92,054 |
$915,800 |
| 7 |
$1,613,600 |
$557,362
$96,655 |
$959,583 |
| 8 |
$1,694,320 |
$587,229
$101,490 |
$1,005,601 |
| 9 |
$1,779,040 |
$618,575
$106,564 |
$1,053,901 |
| 10 |
$1,868,000 |
$651,490
$111,893 |
$1,104,617 |
| 11 |
$1,961,360 |
$686,034
$117,485 |
$1,157,841 |
| 12 |
$2,059,440 |
$722,323
$123,360 |
$1,213,757 |
| 13 |
$2,162,400 |
$760,418
$129,528 |
$1,272,454 |
| 14 |
$2,270,560 |
$800,438
$136,007 |
$1,334,115 |
| 15 |
$2,384,080 |
$842,440
$142,806 |
$1,398,834 |
| 16 |
$2,503,280 |
$886,544
$149,946 |
$1,466,790 |
| 17 |
$2,628,400 |
$932,838
$157,441 |
$1,538,121 |
| 18 |
$2,759,840 |
$981,471
$165,314 |
$1,613,055 |
| 19 |
$2,897,840 |
$1,032,531
$173,581 |
$1,691,728 |
| 20 |
$3,042,720 |
$1,086,137
$182,259 |
$1,774,324 |
| 21 |
$3,194,880 |
$1,142,436
$191,373 |
$1,861,071 |
| 22 |
$3,354,640 |
$1,201,547
$200,943 |
$1,952,150 |
| 23 |
$3,522,320 |
$1,263,589
$210,987 |
$2,047,744 |
| 24 |
$3,698,480 |
$1,328,768
$221,539 |
$2,148,173 |
| 25 |
$3,883,360 |
$1,397,174
$232,613 |
$2,253,573 |
| 26 |
$4,077,600 |
$1,469,042
$244,248 |
$2,364,310 |
| 27 |
$4,281,440 |
$1,544,463
$256,458 |
$2,480,519 |
| 28 |
$4,495,520 |
$1,623,673
$269,282 |
$2,602,565 |
| 29 |
$4,720,320 |
$1,706,849
$282,747 |
$2,730,724 |
| 30 |
$4,956,320 |
$1,794,169
$296,884 |
$2,865,267 |
|
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