The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(5.99%) | $7,050,230 | | Net Lumpsum Payment | $67,140,440 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$237,109 |
$2,296,361 |
| 2 |
$4,156,452 |
$1,498,218
$248,971 |
$2,409,263 |
| 3 |
$4,364,222 |
$1,575,093
$261,417 |
$2,527,712 |
| 4 |
$4,582,512 |
$1,655,860
$274,492 |
$2,652,160 |
| 5 |
$4,811,585 |
$1,740,617
$288,214 |
$2,782,754 |
| 6 |
$5,052,230 |
$1,829,655
$302,629 |
$2,919,946 |
| 7 |
$5,304,710 |
$1,923,073
$317,752 |
$3,063,885 |
| 8 |
$5,570,077 |
$2,021,259
$333,648 |
$3,215,170 |
| 9 |
$5,848,594 |
$2,124,310
$350,331 |
$3,373,953 |
| 10 |
$6,141,050 |
$2,232,519
$367,849 |
$3,540,682 |
| 11 |
$6,447,971 |
$2,346,080
$386,233 |
$3,715,658 |
| 12 |
$6,770,409 |
$2,465,382
$405,547 |
$3,899,480 |
| 13 |
$7,108,890 |
$2,590,620
$425,823 |
$4,092,447 |
| 14 |
$7,464,466 |
$2,722,183
$447,122 |
$4,295,161 |
| 15 |
$7,837,663 |
$2,860,266
$469,476 |
$4,507,921 |
| 16 |
$8,229,533 |
$3,005,258
$492,949 |
$4,731,326 |
| 17 |
$8,640,865 |
$3,157,450
$517,588 |
$4,965,827 |
| 18 |
$9,072,974 |
$3,317,331
$543,471 |
$5,212,172 |
| 19 |
$9,526,649 |
$3,485,191
$570,646 |
$5,470,812 |
| 20 |
$10,002,942 |
$3,661,419
$599,176 |
$5,742,347 |
| 21 |
$10,503,168 |
$3,846,503
$629,140 |
$6,027,525 |
| 22 |
$11,028,379 |
$4,040,831
$660,600 |
$6,326,948 |
| 23 |
$11,579,627 |
$4,244,792
$693,620 |
$6,641,215 |
| 24 |
$12,158,753 |
$4,459,069
$728,309 |
$6,971,375 |
| 25 |
$12,766,546 |
$4,683,952
$764,716 |
$7,317,878 |
| 26 |
$13,405,110 |
$4,920,221
$802,966 |
$7,681,923 |
| 27 |
$14,075,234 |
$5,168,167
$843,107 |
$8,063,960 |
| 28 |
$14,779,022 |
$5,428,569
$885,263 |
$8,465,190 |
| 29 |
$15,518,052 |
$5,702,010
$929,531 |
$8,886,511 |
| 30 |
$16,293,902 |
$5,989,074
$976,005 |
$9,328,823 |
|
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