The jackpot for the MEGA Millions draw on Tue Jun 18, 2024, is projected to be $61 Million, with an option for a cash payout of $29.3 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 Jun 18, 2024 |
|---|
| Draw Date | Tue Jun 18, 2024 | | Projected Jackpot | $61,000,000 | | Cash Value | $29,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,300,000 | | Federal Tax(24%) | $7,032,000 | | Additional Federal Tax | $3,769,330 | | State Tax(5.99%) | $1,755,070 | | Net Lumpsum Payment | $16,743,600 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$918,111 |
$300,031
$54,995 |
$563,085 |
| 2 |
$964,044 |
$317,027
$57,746 |
$589,271 |
| 3 |
$1,012,234 |
$334,857
$60,633 |
$616,744 |
| 4 |
$1,062,864 |
$353,590
$63,666 |
$645,608 |
| 5 |
$1,115,995 |
$373,249
$66,848 |
$675,898 |
| 6 |
$1,171,810 |
$393,900
$70,191 |
$707,719 |
| 7 |
$1,230,370 |
$415,567
$73,699 |
$741,104 |
| 8 |
$1,291,919 |
$438,340
$77,386 |
$776,193 |
| 9 |
$1,356,518 |
$462,242
$81,255 |
$813,021 |
| 10 |
$1,424,350 |
$487,340
$85,319 |
$851,691 |
| 11 |
$1,495,537 |
$513,679
$89,583 |
$892,275 |
| 12 |
$1,570,323 |
$541,350
$94,062 |
$934,911 |
| 13 |
$1,648,830 |
$570,397
$98,765 |
$979,668 |
| 14 |
$1,731,302 |
$600,912
$103,705 |
$1,026,685 |
| 15 |
$1,817,861 |
$632,939
$108,890 |
$1,076,032 |
| 16 |
$1,908,751 |
$666,568
$114,334 |
$1,127,849 |
| 17 |
$2,004,155 |
$701,868
$120,049 |
$1,182,238 |
| 18 |
$2,104,378 |
$738,950
$126,052 |
$1,239,376 |
| 19 |
$2,209,603 |
$777,883
$132,355 |
$1,299,365 |
| 20 |
$2,320,074 |
$818,758
$138,972 |
$1,362,344 |
| 21 |
$2,436,096 |
$861,686
$145,922 |
$1,428,488 |
| 22 |
$2,557,913 |
$906,758
$153,219 |
$1,497,936 |
| 23 |
$2,685,769 |
$954,065
$160,878 |
$1,570,826 |
| 24 |
$2,820,091 |
$1,003,764
$168,923 |
$1,647,404 |
| 25 |
$2,961,062 |
$1,055,923
$177,368 |
$1,727,771 |
| 26 |
$3,109,170 |
$1,110,723
$186,239 |
$1,812,208 |
| 27 |
$3,264,598 |
$1,168,232
$195,549 |
$1,900,817 |
| 28 |
$3,427,834 |
$1,228,629
$205,327 |
$1,993,878 |
| 29 |
$3,599,244 |
$1,292,051
$215,595 |
$2,091,598 |
| 30 |
$3,779,194 |
$1,358,632
$226,374 |
$2,194,188 |
|
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