The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Tue Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(5.99%) | $25,721,060 | | Net Lumpsum Payment | $244,840,610 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$851,068 |
$8,139,732 |
| 2 |
$14,918,976 |
$5,480,352
$893,647 |
$8,544,977 |
| 3 |
$15,664,736 |
$5,756,283
$938,318 |
$8,970,135 |
| 4 |
$16,448,256 |
$6,046,185
$985,251 |
$9,416,820 |
| 5 |
$17,270,480 |
$6,350,408
$1,034,502 |
$9,885,570 |
| 6 |
$18,134,240 |
$6,669,999
$1,086,241 |
$10,378,000 |
| 7 |
$19,040,480 |
$7,005,308
$1,140,525 |
$10,894,647 |
| 8 |
$19,992,976 |
$7,357,732
$1,197,579 |
$11,437,665 |
| 9 |
$20,992,672 |
$7,727,619
$1,257,461 |
$12,007,592 |
| 10 |
$22,042,400 |
$8,116,018
$1,320,340 |
$12,606,042 |
| 11 |
$23,144,048 |
$8,523,628
$1,386,328 |
$13,234,092 |
| 12 |
$24,301,392 |
$8,951,845
$1,455,653 |
$13,893,894 |
| 13 |
$25,516,320 |
$9,401,369
$1,528,428 |
$14,586,523 |
| 14 |
$26,792,608 |
$9,873,595
$1,604,877 |
$15,314,136 |
| 15 |
$28,132,144 |
$10,369,224
$1,685,115 |
$16,077,805 |
| 16 |
$29,538,704 |
$10,889,651
$1,769,368 |
$16,879,685 |
| 17 |
$31,015,120 |
$11,435,925
$1,857,806 |
$17,721,389 |
| 18 |
$32,566,112 |
$12,009,792
$1,950,710 |
$18,605,610 |
| 19 |
$34,194,512 |
$12,612,300
$2,048,251 |
$19,533,961 |
| 20 |
$35,904,096 |
$13,244,846
$2,150,655 |
$20,508,595 |
| 21 |
$37,699,584 |
$13,909,176
$2,258,205 |
$21,532,203 |
| 22 |
$39,584,752 |
$14,606,689
$2,371,127 |
$22,606,936 |
| 23 |
$41,563,376 |
$15,338,780
$2,489,646 |
$23,734,950 |
| 24 |
$43,642,064 |
$16,107,894
$2,614,160 |
$24,920,010 |
| 25 |
$45,823,648 |
$16,915,080
$2,744,837 |
$26,163,731 |
| 26 |
$48,115,680 |
$17,763,132
$2,882,129 |
$27,470,419 |
| 27 |
$50,520,992 |
$18,653,097
$3,026,207 |
$28,841,688 |
| 28 |
$53,047,136 |
$19,587,771
$3,177,523 |
$30,281,842 |
| 29 |
$55,699,776 |
$20,569,248
$3,336,417 |
$31,794,111 |
| 30 |
$58,484,576 |
$21,599,624
$3,503,226 |
$33,381,726 |
|
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