The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Fri Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(5.99%) | $5,504,810 | | Net Lumpsum Payment | $52,431,860 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$177,606 |
$1,730,043 |
| 2 |
$3,113,388 |
$1,112,284
$186,492 |
$1,814,612 |
| 3 |
$3,269,018 |
$1,169,867
$195,814 |
$1,903,337 |
| 4 |
$3,432,528 |
$1,230,366
$205,608 |
$1,996,554 |
| 5 |
$3,604,115 |
$1,293,853
$215,886 |
$2,094,376 |
| 6 |
$3,784,370 |
$1,360,547
$226,684 |
$2,197,139 |
| 7 |
$3,973,490 |
$1,430,522
$238,012 |
$2,304,956 |
| 8 |
$4,172,263 |
$1,504,068
$249,919 |
$2,418,276 |
| 9 |
$4,380,886 |
$1,581,258
$262,415 |
$2,537,213 |
| 10 |
$4,599,950 |
$1,662,312
$275,537 |
$2,662,101 |
| 11 |
$4,829,849 |
$1,747,375
$289,308 |
$2,793,166 |
| 12 |
$5,071,371 |
$1,836,738
$303,775 |
$2,930,858 |
| 13 |
$5,324,910 |
$1,930,547
$318,962 |
$3,075,401 |
| 14 |
$5,591,254 |
$2,029,094
$334,916 |
$3,227,244 |
| 15 |
$5,870,797 |
$2,132,525
$351,661 |
$3,386,611 |
| 16 |
$6,164,327 |
$2,241,131
$369,243 |
$3,553,953 |
| 17 |
$6,472,435 |
$2,355,131
$387,699 |
$3,729,605 |
| 18 |
$6,796,106 |
$2,474,890
$407,087 |
$3,914,129 |
| 19 |
$7,135,931 |
$2,600,625
$427,442 |
$4,107,864 |
| 20 |
$7,492,698 |
$2,732,629
$448,813 |
$4,311,256 |
| 21 |
$7,867,392 |
$2,871,265
$471,257 |
$4,524,870 |
| 22 |
$8,260,801 |
$3,016,827
$494,822 |
$4,749,152 |
| 23 |
$8,673,713 |
$3,169,604
$519,555 |
$4,984,554 |
| 24 |
$9,107,507 |
$3,330,108
$545,540 |
$5,231,859 |
| 25 |
$9,562,774 |
$3,498,557
$572,810 |
$5,491,407 |
| 26 |
$10,041,090 |
$3,675,534
$601,461 |
$5,764,095 |
| 27 |
$10,543,046 |
$3,861,257
$631,528 |
$6,050,261 |
| 28 |
$11,070,218 |
$4,056,311
$663,106 |
$6,350,801 |
| 29 |
$11,623,788 |
$4,261,132
$696,265 |
$6,666,391 |
| 30 |
$12,204,938 |
$4,476,157
$731,076 |
$6,997,705 |
|
|
