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Powerball Annuity Jackpot Analysis for Maryland

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $128,000,000 would be for a resident of Maryland, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Maryland

Drawing Date:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$199,697$1,511,992
2$2,373,543$593,386$207,685$1,572,472
3$2,468,485$617,121$215,992$1,635,371
4$2,567,224$641,806$224,632$1,700,786
5$2,669,913$667,478$233,617$1,768,817
6$2,776,709$694,177$242,962$1,839,570
7$2,887,778$721,944$252,681$1,913,153
8$3,003,289$750,822$262,788$1,989,679
9$3,123,420$780,855$273,299$2,069,266
10$3,248,357$812,089$284,231$2,152,037
11$3,378,291$844,573$295,601$2,238,118
12$3,513,423$878,356$307,425$2,327,643
13$3,653,960$913,490$319,722$2,420,749
14$3,800,118$950,030$332,510$2,517,578
15$3,952,123$988,031$345,811$2,618,282
16$4,110,208$1,027,552$359,643$2,723,013
17$4,274,616$1,068,654$374,029$2,831,933
18$4,445,601$1,111,400$388,990$2,945,211
19$4,623,425$1,155,856$404,550$3,063,019
20$4,808,362$1,202,091$420,732$3,185,540
21$5,000,697$1,250,174$437,561$3,312,962
22$5,200,725$1,300,181$455,063$3,445,480
23$5,408,754$1,352,188$473,266$3,583,299
24$5,625,104$1,406,276$492,197$3,726,631
25$5,850,108$1,462,527$511,884$3,875,696
26$6,084,112$1,521,028$532,360$4,030,724
27$6,327,477$1,581,869$553,654$4,191,953
28$6,580,576$1,645,144$575,800$4,359,631
29$6,843,799$1,710,950$598,832$4,534,017
30$7,117,551$1,779,388$622,786$4,715,377
Total$128,000,000$32,000,000$11,200,000$84,800,000
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