The jackpot for the MEGA Millions draw on Fri May 8, 2026, is projected to be $215 Million, with an option for a cash payout of $95.2 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 May 8, 2026 |
|---|
| Draw Date | Fri May 8, 2026 | | Projected Jackpot | $215,000,000 | | Cash Value | $95,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $95,200,000 | | Federal Tax(24%) | $22,848,000 | | Additional Federal Tax | $12,336,330 | | State Tax(5.99%) | $5,702,480 | | Net Lumpsum Payment | $54,313,190 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,235,965 |
$1,157,637
$193,834 |
$1,884,494 |
| 2 |
$3,397,860 |
$1,217,539
$203,532 |
$1,976,789 |
| 3 |
$3,567,710 |
$1,280,383
$213,706 |
$2,073,621 |
| 4 |
$3,746,160 |
$1,346,410
$224,395 |
$2,175,355 |
| 5 |
$3,933,425 |
$1,415,698
$235,612 |
$2,282,115 |
| 6 |
$4,130,150 |
$1,488,486
$247,396 |
$2,394,268 |
| 7 |
$4,336,550 |
$1,564,854
$259,759 |
$2,511,937 |
| 8 |
$4,553,485 |
$1,645,120
$272,754 |
$2,635,611 |
| 9 |
$4,781,170 |
$1,729,363
$286,392 |
$2,765,415 |
| 10 |
$5,020,250 |
$1,817,823
$300,713 |
$2,901,714 |
| 11 |
$5,271,155 |
$1,910,658
$315,742 |
$3,044,755 |
| 12 |
$5,534,745 |
$2,008,186
$331,531 |
$3,195,028 |
| 13 |
$5,811,450 |
$2,110,567
$348,106 |
$3,352,777 |
| 14 |
$6,102,130 |
$2,218,118
$365,518 |
$3,518,494 |
| 15 |
$6,407,215 |
$2,331,000
$383,792 |
$3,692,423 |
| 16 |
$6,727,565 |
$2,449,529
$402,981 |
$3,875,055 |
| 17 |
$7,063,825 |
$2,573,946
$423,123 |
$4,066,756 |
| 18 |
$7,417,070 |
$2,704,646
$444,282 |
$4,268,142 |
| 19 |
$7,787,945 |
$2,841,870
$466,498 |
$4,479,577 |
| 20 |
$8,177,310 |
$2,985,935
$489,821 |
$4,701,554 |
| 21 |
$8,586,240 |
$3,137,239
$514,316 |
$4,934,685 |
| 22 |
$9,015,595 |
$3,296,101
$540,034 |
$5,179,460 |
| 23 |
$9,466,235 |
$3,462,837
$567,027 |
$5,436,371 |
| 24 |
$9,939,665 |
$3,638,006
$595,386 |
$5,706,273 |
| 25 |
$10,436,530 |
$3,821,846
$625,148 |
$5,989,536 |
| 26 |
$10,958,550 |
$4,014,994
$656,417 |
$6,287,139 |
| 27 |
$11,506,370 |
$4,217,687
$689,232 |
$6,599,451 |
| 28 |
$12,081,710 |
$4,430,563
$723,694 |
$6,927,453 |
| 29 |
$12,685,860 |
$4,654,099
$759,883 |
$7,271,878 |
| 30 |
$13,320,110 |
$4,888,771
$797,875 |
$7,633,464 |
|
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