The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(5.99%) | $748,750 | | Net Lumpsum Payment | $7,165,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$25,244 |
$279,925 |
| 2 |
$442,512 |
$124,060
$26,506 |
$291,946 |
| 3 |
$464,632 |
$132,244
$27,831 |
$304,557 |
| 4 |
$487,872 |
$140,843
$29,224 |
$317,805 |
| 5 |
$512,260 |
$149,867
$30,684 |
$331,709 |
| 6 |
$537,880 |
$159,346
$32,219 |
$346,315 |
| 7 |
$564,760 |
$169,292
$33,829 |
$361,639 |
| 8 |
$593,012 |
$179,745
$35,521 |
$377,746 |
| 9 |
$622,664 |
$190,716
$37,298 |
$394,650 |
| 10 |
$653,800 |
$202,236
$39,163 |
$412,401 |
| 11 |
$686,476 |
$214,327
$41,120 |
$431,029 |
| 12 |
$720,804 |
$227,028
$43,176 |
$450,600 |
| 13 |
$756,840 |
$240,361
$45,335 |
$471,144 |
| 14 |
$794,696 |
$254,368
$47,602 |
$492,726 |
| 15 |
$834,428 |
$269,069
$49,982 |
$515,377 |
| 16 |
$876,148 |
$284,505
$52,481 |
$539,162 |
| 17 |
$919,940 |
$300,708
$55,104 |
$564,128 |
| 18 |
$965,944 |
$317,730
$57,860 |
$590,354 |
| 19 |
$1,014,244 |
$335,601
$60,753 |
$617,890 |
| 20 |
$1,064,952 |
$354,363
$63,791 |
$646,798 |
| 21 |
$1,118,208 |
$374,067
$66,981 |
$677,160 |
| 22 |
$1,174,124 |
$394,756
$70,330 |
$709,038 |
| 23 |
$1,232,812 |
$416,471
$73,845 |
$742,496 |
| 24 |
$1,294,468 |
$439,284
$77,539 |
$777,645 |
| 25 |
$1,359,176 |
$463,226
$81,415 |
$814,535 |
| 26 |
$1,427,160 |
$488,380
$85,487 |
$853,293 |
| 27 |
$1,498,504 |
$514,777
$89,760 |
$893,967 |
| 28 |
$1,573,432 |
$542,500
$94,249 |
$936,683 |
| 29 |
$1,652,112 |
$571,612
$98,962 |
$981,538 |
| 30 |
$1,734,712 |
$602,174
$103,909 |
$1,028,629 |
|
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