The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(5.99%) | $1,006,320 | | Net Lumpsum Payment | $9,617,350 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$32,456 |
$348,570 |
| 2 |
$568,944 |
$170,840
$34,080 |
$364,024 |
| 3 |
$597,384 |
$181,362
$35,783 |
$380,239 |
| 4 |
$627,264 |
$192,418
$37,573 |
$397,273 |
| 5 |
$658,620 |
$204,020
$39,451 |
$415,149 |
| 6 |
$691,560 |
$216,208
$41,424 |
$433,928 |
| 7 |
$726,120 |
$228,995
$43,495 |
$453,630 |
| 8 |
$762,444 |
$242,435
$45,670 |
$474,339 |
| 9 |
$800,568 |
$256,541
$47,954 |
$496,073 |
| 10 |
$840,600 |
$271,352
$50,352 |
$518,896 |
| 11 |
$882,612 |
$286,897
$52,868 |
$542,847 |
| 12 |
$926,748 |
$303,227
$55,512 |
$568,009 |
| 13 |
$973,080 |
$320,370
$58,287 |
$594,423 |
| 14 |
$1,021,752 |
$338,379
$61,203 |
$622,170 |
| 15 |
$1,072,836 |
$357,280
$64,263 |
$651,293 |
| 16 |
$1,126,476 |
$377,127
$67,476 |
$681,873 |
| 17 |
$1,182,780 |
$397,959
$70,849 |
$713,972 |
| 18 |
$1,241,928 |
$419,844
$74,391 |
$747,693 |
| 19 |
$1,304,028 |
$442,821
$78,111 |
$783,096 |
| 20 |
$1,369,224 |
$466,943
$82,017 |
$820,264 |
| 21 |
$1,437,696 |
$492,278
$86,118 |
$859,300 |
| 22 |
$1,509,588 |
$518,878
$90,424 |
$900,286 |
| 23 |
$1,585,044 |
$546,797
$94,944 |
$943,303 |
| 24 |
$1,664,316 |
$576,127
$99,693 |
$988,496 |
| 25 |
$1,747,512 |
$606,910
$104,676 |
$1,035,926 |
| 26 |
$1,834,920 |
$639,251
$109,912 |
$1,085,757 |
| 27 |
$1,926,648 |
$673,190
$115,406 |
$1,138,052 |
| 28 |
$2,022,984 |
$708,834
$121,177 |
$1,192,973 |
| 29 |
$2,124,144 |
$746,264
$127,236 |
$1,250,644 |
| 30 |
$2,230,344 |
$785,558
$133,598 |
$1,311,188 |
|
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