The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(5.99%) | $1,587,350 | | Net Lumpsum Payment | $15,147,320 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$53,192 |
$545,923 |
| 2 |
$932,436 |
$305,332
$55,853 |
$571,251 |
| 3 |
$979,046 |
$322,577
$58,645 |
$597,824 |
| 4 |
$1,028,016 |
$340,696
$61,578 |
$625,742 |
| 5 |
$1,079,405 |
$359,710
$64,656 |
$655,039 |
| 6 |
$1,133,390 |
$379,685
$67,890 |
$685,815 |
| 7 |
$1,190,030 |
$400,641
$71,283 |
$718,106 |
| 8 |
$1,249,561 |
$422,668
$74,849 |
$752,044 |
| 9 |
$1,312,042 |
$445,786
$78,591 |
$787,665 |
| 10 |
$1,377,650 |
$470,061
$82,521 |
$825,068 |
| 11 |
$1,446,503 |
$495,536
$86,646 |
$864,321 |
| 12 |
$1,518,837 |
$522,300
$90,978 |
$905,559 |
| 13 |
$1,594,770 |
$550,395
$95,527 |
$948,848 |
| 14 |
$1,674,538 |
$579,909
$100,305 |
$994,324 |
| 15 |
$1,758,259 |
$610,886
$105,320 |
$1,042,053 |
| 16 |
$1,846,169 |
$643,413
$110,586 |
$1,092,170 |
| 17 |
$1,938,445 |
$677,555
$116,113 |
$1,144,777 |
| 18 |
$2,035,382 |
$713,422
$121,919 |
$1,200,041 |
| 19 |
$2,137,157 |
$751,078
$128,016 |
$1,258,063 |
| 20 |
$2,244,006 |
$790,613
$134,416 |
$1,318,977 |
| 21 |
$2,356,224 |
$832,133
$141,138 |
$1,382,953 |
| 22 |
$2,474,047 |
$875,728
$148,195 |
$1,450,124 |
| 23 |
$2,597,711 |
$921,483
$155,603 |
$1,520,625 |
| 24 |
$2,727,629 |
$969,553
$163,385 |
$1,594,691 |
| 25 |
$2,863,978 |
$1,020,002
$171,552 |
$1,672,424 |
| 26 |
$3,007,230 |
$1,073,005
$180,133 |
$1,754,092 |
| 27 |
$3,157,562 |
$1,128,628
$189,138 |
$1,839,796 |
| 28 |
$3,315,446 |
$1,187,045
$198,595 |
$1,929,806 |
| 29 |
$3,481,236 |
$1,248,388
$208,526 |
$2,024,322 |
| 30 |
$3,655,286 |
$1,312,786
$218,952 |
$2,123,548 |
|
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