The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Wed Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(5.99%) | $1,838,930 | | Net Lumpsum Payment | $17,541,740 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$62,207 |
$631,730 |
| 2 |
$1,090,476 |
$363,807
$65,320 |
$661,349 |
| 3 |
$1,144,986 |
$383,975
$68,585 |
$692,426 |
| 4 |
$1,202,256 |
$405,165
$72,015 |
$725,076 |
| 5 |
$1,262,355 |
$427,402
$75,615 |
$759,338 |
| 6 |
$1,325,490 |
$450,762
$79,397 |
$795,331 |
| 7 |
$1,391,730 |
$475,270
$83,365 |
$833,095 |
| 8 |
$1,461,351 |
$501,030
$87,535 |
$872,786 |
| 9 |
$1,534,422 |
$528,067
$91,912 |
$914,443 |
| 10 |
$1,611,150 |
$556,456
$96,508 |
$958,186 |
| 11 |
$1,691,673 |
$586,249
$101,331 |
$1,004,093 |
| 12 |
$1,776,267 |
$617,549
$106,398 |
$1,052,320 |
| 13 |
$1,865,070 |
$650,406
$111,718 |
$1,102,946 |
| 14 |
$1,958,358 |
$684,923
$117,306 |
$1,156,129 |
| 15 |
$2,056,269 |
$721,150
$123,171 |
$1,211,948 |
| 16 |
$2,159,079 |
$759,190
$129,329 |
$1,270,560 |
| 17 |
$2,266,995 |
$799,119
$135,793 |
$1,332,083 |
| 18 |
$2,380,362 |
$841,064
$142,584 |
$1,396,714 |
| 19 |
$2,499,387 |
$885,104
$149,713 |
$1,464,570 |
| 20 |
$2,624,346 |
$931,338
$157,198 |
$1,535,810 |
| 21 |
$2,755,584 |
$979,896
$165,059 |
$1,610,629 |
| 22 |
$2,893,377 |
$1,030,880
$173,313 |
$1,689,184 |
| 23 |
$3,038,001 |
$1,084,391
$181,976 |
$1,771,634 |
| 24 |
$3,189,939 |
$1,140,608
$191,077 |
$1,858,254 |
| 25 |
$3,349,398 |
$1,199,608
$200,629 |
$1,949,161 |
| 26 |
$3,516,930 |
$1,261,594
$210,664 |
$2,044,672 |
| 27 |
$3,692,742 |
$1,326,645
$221,195 |
$2,144,902 |
| 28 |
$3,877,386 |
$1,394,963
$232,255 |
$2,250,168 |
| 29 |
$4,071,276 |
$1,466,703
$243,869 |
$2,360,704 |
| 30 |
$4,274,826 |
$1,542,016
$256,062 |
$2,476,748 |
|
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