The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(5.99%) | $11,734,410 | | Net Lumpsum Payment | $111,722,260 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$379,555 |
$3,652,091 |
| 2 |
$6,653,484 |
$2,422,119
$398,544 |
$3,832,821 |
| 3 |
$6,986,074 |
$2,545,178
$418,466 |
$4,022,430 |
| 4 |
$7,335,504 |
$2,674,467
$439,397 |
$4,221,640 |
| 5 |
$7,702,195 |
$2,810,143
$461,361 |
$4,430,691 |
| 6 |
$8,087,410 |
$2,952,672
$484,436 |
$4,650,302 |
| 7 |
$8,491,570 |
$3,102,211
$508,645 |
$4,880,714 |
| 8 |
$8,916,359 |
$3,259,383
$534,090 |
$5,122,886 |
| 9 |
$9,362,198 |
$3,424,344
$560,796 |
$5,377,058 |
| 10 |
$9,830,350 |
$3,597,560
$588,838 |
$5,643,952 |
| 11 |
$10,321,657 |
$3,779,343
$618,267 |
$5,924,047 |
| 12 |
$10,837,803 |
$3,970,317
$649,184 |
$6,218,302 |
| 13 |
$11,379,630 |
$4,170,793
$681,640 |
$6,527,197 |
| 14 |
$11,948,822 |
$4,381,395
$715,734 |
$6,851,693 |
| 15 |
$12,546,221 |
$4,602,432
$751,519 |
$7,192,270 |
| 16 |
$13,173,511 |
$4,834,529
$789,093 |
$7,549,889 |
| 17 |
$13,831,955 |
$5,078,154
$828,534 |
$7,925,267 |
| 18 |
$14,523,658 |
$5,334,084
$869,967 |
$8,319,607 |
| 19 |
$15,249,883 |
$5,602,787
$913,468 |
$8,733,628 |
| 20 |
$16,012,314 |
$5,884,887
$959,138 |
$9,168,289 |
| 21 |
$16,813,056 |
$6,181,161
$1,007,102 |
$9,624,793 |
| 22 |
$17,653,793 |
$6,492,234
$1,057,462 |
$10,104,097 |
| 23 |
$18,536,209 |
$6,818,728
$1,110,319 |
$10,607,162 |
| 24 |
$19,463,251 |
$7,161,733
$1,165,849 |
$11,135,669 |
| 25 |
$20,436,182 |
$7,521,718
$1,224,127 |
$11,690,337 |
| 26 |
$21,458,370 |
$7,899,927
$1,285,356 |
$12,273,087 |
| 27 |
$22,531,078 |
$8,296,829
$1,349,612 |
$12,884,637 |
| 28 |
$23,657,674 |
$8,713,670
$1,417,095 |
$13,526,909 |
| 29 |
$24,840,684 |
$9,151,383
$1,487,957 |
$14,201,344 |
| 30 |
$26,082,634 |
$9,610,905
$1,562,350 |
$14,909,379 |
|
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