The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Jun 28, 2024 |
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Draw Date | Fri Jun 28, 2024 | Projected Jackpot | $116,000,000 | Cash Value | $55,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $55,400,000 | Federal Tax(24%) | $13,296,000 | Additional Federal Tax | $7,162,330 | State Tax(5.99%) | $3,318,460 | Net Lumpsum Payment | $31,623,210 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,745,916 |
$606,319 $104,580 |
$1,035,017 |
2 |
$1,833,264 |
$638,638 $109,813 |
$1,084,813 |
3 |
$1,924,904 |
$672,545 $115,302 |
$1,137,057 |
4 |
$2,021,184 |
$708,168 $121,069 |
$1,191,947 |
5 |
$2,122,220 |
$745,552 $127,121 |
$1,249,547 |
6 |
$2,228,360 |
$784,824 $133,479 |
$1,310,057 |
7 |
$2,339,720 |
$826,027 $140,149 |
$1,373,544 |
8 |
$2,456,764 |
$869,333 $147,160 |
$1,440,271 |
9 |
$2,579,608 |
$914,785 $154,519 |
$1,510,304 |
10 |
$2,708,600 |
$962,512 $162,245 |
$1,583,843 |
11 |
$2,843,972 |
$1,012,600 $170,354 |
$1,661,018 |
12 |
$2,986,188 |
$1,065,220 $178,873 |
$1,742,095 |
13 |
$3,135,480 |
$1,120,458 $187,815 |
$1,827,207 |
14 |
$3,292,312 |
$1,178,486 $197,209 |
$1,916,617 |
15 |
$3,456,916 |
$1,239,389 $207,069 |
$2,010,458 |
16 |
$3,629,756 |
$1,303,340 $217,422 |
$2,108,994 |
17 |
$3,811,180 |
$1,370,467 $228,290 |
$2,212,423 |
18 |
$4,001,768 |
$1,440,985 $239,706 |
$2,321,077 |
19 |
$4,201,868 |
$1,515,022 $251,692 |
$2,435,154 |
20 |
$4,411,944 |
$1,592,750 $264,275 |
$2,554,919 |
21 |
$4,632,576 |
$1,674,384 $277,491 |
$2,680,701 |
22 |
$4,864,228 |
$1,760,095 $291,367 |
$2,812,766 |
23 |
$5,107,364 |
$1,850,055 $305,931 |
$2,951,378 |
24 |
$5,362,796 |
$1,944,565 $321,231 |
$3,097,000 |
25 |
$5,630,872 |
$2,043,753 $337,289 |
$3,249,830 |
26 |
$5,912,520 |
$2,147,963 $354,160 |
$3,410,397 |
27 |
$6,208,088 |
$2,257,323 $371,864 |
$3,578,901 |
28 |
$6,518,504 |
$2,372,177 $390,458 |
$3,755,869 |
29 |
$6,844,464 |
$2,492,782 $409,983 |
$3,941,699 |
30 |
$7,186,664 |
$2,619,396 $430,481 |
$4,136,787 |
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