The jackpot for the MEGA Millions draw on Tue Dec 31, 2024, is projected to be $20 Million, with an option for a cash payout of $9 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 31, 2024 |
|---|
| Draw Date | Tue Dec 31, 2024 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,000,000 | | Federal Tax(24%) | $2,160,000 | | Additional Federal Tax | $1,130,330 | | State Tax(5.99%) | $539,100 | | Net Lumpsum Payment | $5,170,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$18,031 |
$211,281 |
| 2 |
$316,080 |
$77,280
$18,933 |
$219,867 |
| 3 |
$331,880 |
$83,126
$19,880 |
$228,874 |
| 4 |
$348,480 |
$89,268
$20,874 |
$238,338 |
| 5 |
$365,900 |
$95,713
$21,917 |
$248,270 |
| 6 |
$384,200 |
$102,484
$23,014 |
$258,702 |
| 7 |
$403,400 |
$109,588
$24,164 |
$269,648 |
| 8 |
$423,580 |
$117,055
$25,372 |
$281,153 |
| 9 |
$444,760 |
$124,892
$26,641 |
$293,227 |
| 10 |
$467,000 |
$133,120
$27,973 |
$305,907 |
| 11 |
$490,340 |
$141,756
$29,371 |
$319,213 |
| 12 |
$514,860 |
$150,829
$30,840 |
$333,191 |
| 13 |
$540,600 |
$160,352
$32,382 |
$347,866 |
| 14 |
$567,640 |
$170,357
$34,002 |
$363,281 |
| 15 |
$596,020 |
$180,858
$35,702 |
$379,460 |
| 16 |
$625,820 |
$191,884
$37,487 |
$396,449 |
| 17 |
$657,100 |
$203,457
$39,360 |
$414,283 |
| 18 |
$689,960 |
$215,616
$41,329 |
$433,015 |
| 19 |
$724,460 |
$228,381
$43,395 |
$452,684 |
| 20 |
$760,680 |
$241,782
$45,565 |
$473,333 |
| 21 |
$798,720 |
$255,857
$47,843 |
$495,020 |
| 22 |
$838,660 |
$270,635
$50,236 |
$517,789 |
| 23 |
$880,580 |
$286,145
$52,747 |
$541,688 |
| 24 |
$924,620 |
$302,440
$55,385 |
$566,795 |
| 25 |
$970,840 |
$319,541
$58,153 |
$593,146 |
| 26 |
$1,019,400 |
$337,508
$61,062 |
$620,830 |
| 27 |
$1,070,360 |
$356,364
$64,115 |
$649,881 |
| 28 |
$1,123,880 |
$376,166
$67,320 |
$680,394 |
| 29 |
$1,180,080 |
$396,960
$70,687 |
$712,433 |
| 30 |
$1,239,080 |
$418,790
$74,221 |
$746,069 |
|
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