The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(5.99%) | $3,677,860 | | Net Lumpsum Payment | $35,043,810 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$117,202 |
$1,155,145 |
| 2 |
$2,054,520 |
$720,503
$123,066 |
$1,210,951 |
| 3 |
$2,157,220 |
$758,502
$129,217 |
$1,269,501 |
| 4 |
$2,265,120 |
$798,425
$135,681 |
$1,331,014 |
| 5 |
$2,378,350 |
$840,320
$142,463 |
$1,395,567 |
| 6 |
$2,497,300 |
$884,331
$149,588 |
$1,463,381 |
| 7 |
$2,622,100 |
$930,507
$157,064 |
$1,534,529 |
| 8 |
$2,753,270 |
$979,040
$164,921 |
$1,609,309 |
| 9 |
$2,890,940 |
$1,029,978
$173,167 |
$1,687,795 |
| 10 |
$3,035,500 |
$1,083,465
$181,826 |
$1,770,209 |
| 11 |
$3,187,210 |
$1,139,598
$190,914 |
$1,856,698 |
| 12 |
$3,346,590 |
$1,198,569
$200,461 |
$1,947,560 |
| 13 |
$3,513,900 |
$1,260,473
$210,483 |
$2,042,944 |
| 14 |
$3,689,660 |
$1,325,505
$221,011 |
$2,143,144 |
| 15 |
$3,874,130 |
$1,393,758
$232,060 |
$2,248,312 |
| 16 |
$4,067,830 |
$1,465,427
$243,663 |
$2,358,740 |
| 17 |
$4,271,150 |
$1,540,656
$255,842 |
$2,474,652 |
| 18 |
$4,484,740 |
$1,619,684
$268,636 |
$2,596,420 |
| 19 |
$4,708,990 |
$1,702,657
$282,069 |
$2,724,264 |
| 20 |
$4,944,420 |
$1,789,766
$296,171 |
$2,858,483 |
| 21 |
$5,191,680 |
$1,881,252
$310,982 |
$2,999,446 |
| 22 |
$5,451,290 |
$1,977,308
$326,532 |
$3,147,450 |
| 23 |
$5,723,770 |
$2,078,125
$342,854 |
$3,302,791 |
| 24 |
$6,010,030 |
$2,184,041
$360,001 |
$3,465,988 |
| 25 |
$6,310,460 |
$2,295,201
$377,997 |
$3,637,262 |
| 26 |
$6,626,100 |
$2,411,987
$396,903 |
$3,817,210 |
| 27 |
$6,957,340 |
$2,534,546
$416,745 |
$4,006,049 |
| 28 |
$7,305,220 |
$2,663,262
$437,583 |
$4,204,375 |
| 29 |
$7,670,520 |
$2,798,423
$459,464 |
$4,412,633 |
| 30 |
$8,054,020 |
$2,940,318
$482,436 |
$4,631,266 |
|
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