The jackpot for the Powerball draw on Mon Sep 9, 2024, is projected to be $121 Million, with an option for a cash payout of $61 Million. Should you be the lucky winner of the Powerball 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 Powerball Jackpot/Cash Option for Mon Sep 9, 2024 |
|---|
| Draw Date | Mon Sep 9, 2024 | | Projected Jackpot | $121,000,000 | | Cash Value | $61,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,000,000 | | Federal Tax(24%) | $14,640,000 | | Additional Federal Tax | $7,890,330 | | State Tax(5.99%) | $3,653,900 | | Net Lumpsum Payment | $34,815,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,821,171 |
$634,164
$109,088 |
$1,077,919 |
| 2 |
$1,912,284 |
$667,875
$114,546 |
$1,129,863 |
| 3 |
$2,007,874 |
$703,244
$120,272 |
$1,184,358 |
| 4 |
$2,108,304 |
$740,403
$126,287 |
$1,241,614 |
| 5 |
$2,213,695 |
$779,398
$132,600 |
$1,301,697 |
| 6 |
$2,324,410 |
$820,362
$139,232 |
$1,364,816 |
| 7 |
$2,440,570 |
$863,341
$146,190 |
$1,431,039 |
| 8 |
$2,562,659 |
$908,514
$153,503 |
$1,500,642 |
| 9 |
$2,690,798 |
$955,926
$161,179 |
$1,573,693 |
| 10 |
$2,825,350 |
$1,005,710
$169,238 |
$1,650,402 |
| 11 |
$2,966,557 |
$1,057,956
$177,697 |
$1,730,904 |
| 12 |
$3,114,903 |
$1,112,844
$186,583 |
$1,815,476 |
| 13 |
$3,270,630 |
$1,170,463
$195,911 |
$1,904,256 |
| 14 |
$3,434,222 |
$1,230,993
$205,710 |
$1,997,519 |
| 15 |
$3,605,921 |
$1,294,521
$215,995 |
$2,095,405 |
| 16 |
$3,786,211 |
$1,361,228
$226,794 |
$2,198,189 |
| 17 |
$3,975,455 |
$1,431,249
$238,130 |
$2,306,076 |
| 18 |
$4,174,258 |
$1,504,806
$250,038 |
$2,419,414 |
| 19 |
$4,382,983 |
$1,582,034
$262,541 |
$2,538,408 |
| 20 |
$4,602,114 |
$1,663,113
$275,667 |
$2,663,334 |
| 21 |
$4,832,256 |
$1,748,265
$289,452 |
$2,794,539 |
| 22 |
$5,073,893 |
$1,837,671
$303,926 |
$2,932,296 |
| 23 |
$5,327,509 |
$1,931,509
$319,118 |
$3,076,882 |
| 24 |
$5,593,951 |
$2,030,092
$335,078 |
$3,228,781 |
| 25 |
$5,873,582 |
$2,133,556
$351,828 |
$3,388,198 |
| 26 |
$6,167,370 |
$2,242,257
$369,425 |
$3,555,688 |
| 27 |
$6,475,678 |
$2,356,331
$387,893 |
$3,731,454 |
| 28 |
$6,799,474 |
$2,476,136
$407,288 |
$3,916,050 |
| 29 |
$7,139,484 |
$2,601,939
$427,655 |
$4,109,890 |
| 30 |
$7,496,434 |
$2,734,011
$449,036 |
$4,313,387 |
|
|
