The jackpot for the Powerball draw on Sat Jun 29, 2024, is projected to be $113 Million, with an option for a cash payout of $54.3 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 Sat Jun 29, 2024 |
|---|
| Draw Date | Sat Jun 29, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $54,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,300,000 | | Federal Tax(24%) | $13,032,000 | | Additional Federal Tax | $7,019,330 | | State Tax(5.99%) | $3,252,570 | | Net Lumpsum Payment | $30,996,100 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$101,876 |
$1,009,274 |
| 2 |
$1,785,852 |
$621,096
$106,973 |
$1,057,783 |
| 3 |
$1,875,122 |
$654,126
$112,320 |
$1,108,676 |
| 4 |
$1,968,912 |
$688,828
$117,938 |
$1,162,146 |
| 5 |
$2,067,335 |
$725,244
$123,833 |
$1,218,258 |
| 6 |
$2,170,730 |
$763,500
$130,027 |
$1,277,203 |
| 7 |
$2,279,210 |
$803,638
$136,525 |
$1,339,047 |
| 8 |
$2,393,227 |
$845,824
$143,354 |
$1,404,049 |
| 9 |
$2,512,894 |
$890,101
$150,522 |
$1,472,271 |
| 10 |
$2,638,550 |
$936,594
$158,049 |
$1,543,907 |
| 11 |
$2,770,421 |
$985,386
$165,948 |
$1,619,087 |
| 12 |
$2,908,959 |
$1,036,645
$174,247 |
$1,698,067 |
| 13 |
$3,054,390 |
$1,090,455
$182,958 |
$1,780,977 |
| 14 |
$3,207,166 |
$1,146,982
$192,109 |
$1,868,075 |
| 15 |
$3,367,513 |
$1,206,310
$201,714 |
$1,959,489 |
| 16 |
$3,535,883 |
$1,268,607
$211,799 |
$2,055,477 |
| 17 |
$3,712,615 |
$1,333,998
$222,386 |
$2,156,231 |
| 18 |
$3,898,274 |
$1,402,692
$233,507 |
$2,262,075 |
| 19 |
$4,093,199 |
$1,474,814
$245,183 |
$2,373,202 |
| 20 |
$4,297,842 |
$1,550,532
$257,441 |
$2,489,869 |
| 21 |
$4,512,768 |
$1,630,055
$270,315 |
$2,612,398 |
| 22 |
$4,738,429 |
$1,713,549
$283,832 |
$2,741,048 |
| 23 |
$4,975,277 |
$1,801,183
$298,019 |
$2,876,075 |
| 24 |
$5,224,103 |
$1,893,248
$312,924 |
$3,017,931 |
| 25 |
$5,485,246 |
$1,989,871
$328,566 |
$3,166,809 |
| 26 |
$5,759,610 |
$2,091,386
$345,001 |
$3,323,223 |
| 27 |
$6,047,534 |
$2,197,918
$362,247 |
$3,487,369 |
| 28 |
$6,349,922 |
$2,309,802
$380,360 |
$3,659,760 |
| 29 |
$6,667,452 |
$2,427,288
$399,380 |
$3,840,784 |
| 30 |
$7,000,802 |
$2,550,627
$419,348 |
$4,030,827 |
|
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