The jackpot for the MEGA Millions draw on Fri May 10, 2024, is projected to be $331 Million, with an option for a cash payout of $153.1 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 10, 2024 |
|---|
| Draw Date | Fri May 10, 2024 | | Projected Jackpot | $331,000,000 | | Cash Value | $153,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $153,100,000 | | Federal Tax(24%) | $36,744,000 | | Additional Federal Tax | $19,863,330 | | State Tax(5.99%) | $9,170,690 | | Net Lumpsum Payment | $87,321,980 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$298,415 |
$2,879,840 |
| 2 |
$5,231,124 |
$1,895,846
$313,344 |
$3,021,934 |
| 3 |
$5,492,614 |
$1,992,598
$329,008 |
$3,171,008 |
| 4 |
$5,767,344 |
$2,094,248
$345,464 |
$3,327,632 |
| 5 |
$6,055,645 |
$2,200,919
$362,733 |
$3,491,993 |
| 6 |
$6,358,510 |
$2,312,979
$380,875 |
$3,664,656 |
| 7 |
$6,676,270 |
$2,430,550
$399,909 |
$3,845,811 |
| 8 |
$7,010,249 |
$2,554,123
$419,914 |
$4,036,212 |
| 9 |
$7,360,778 |
$2,683,818
$440,911 |
$4,236,049 |
| 10 |
$7,728,850 |
$2,820,005
$462,958 |
$4,445,887 |
| 11 |
$8,115,127 |
$2,962,927
$486,096 |
$4,666,104 |
| 12 |
$8,520,933 |
$3,113,076
$510,404 |
$4,897,453 |
| 13 |
$8,946,930 |
$3,270,694
$535,921 |
$5,140,315 |
| 14 |
$9,394,442 |
$3,436,274
$562,727 |
$5,395,441 |
| 15 |
$9,864,131 |
$3,610,059
$590,861 |
$5,663,211 |
| 16 |
$10,357,321 |
$3,792,539
$620,404 |
$5,944,378 |
| 17 |
$10,875,005 |
$3,984,082
$651,413 |
$6,239,510 |
| 18 |
$11,418,838 |
$4,185,300
$683,988 |
$6,549,550 |
| 19 |
$11,989,813 |
$4,396,561
$718,190 |
$6,875,062 |
| 20 |
$12,589,254 |
$4,618,354
$754,096 |
$7,216,804 |
| 21 |
$13,218,816 |
$4,851,292
$791,807 |
$7,575,717 |
| 22 |
$13,879,823 |
$5,095,865
$831,401 |
$7,952,557 |
| 23 |
$14,573,599 |
$5,352,562
$872,959 |
$8,348,078 |
| 24 |
$15,302,461 |
$5,622,241
$916,617 |
$8,763,603 |
| 25 |
$16,067,402 |
$5,905,269
$962,437 |
$9,199,696 |
| 26 |
$16,871,070 |
$6,202,626
$1,010,577 |
$9,657,867 |
| 27 |
$17,714,458 |
$6,514,680
$1,061,096 |
$10,138,682 |
| 28 |
$18,600,214 |
$6,842,410
$1,114,153 |
$10,643,651 |
| 29 |
$19,530,324 |
$7,186,550
$1,169,866 |
$11,173,908 |
| 30 |
$20,506,774 |
$7,547,837
$1,228,356 |
$11,730,581 |
|
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