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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 $150,000,000 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:  Wed, Apr 23, 2014
Jackpot:$150,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,674,515$668,629$234,020$1,771,866
2$2,781,495$695,374$243,381$1,842,741
3$2,892,755$723,189$253,116$1,916,450
4$3,008,465$752,116$263,241$1,993,108
5$3,128,804$782,201$273,770$2,072,833
6$3,253,956$813,489$284,721$2,155,746
7$3,384,115$846,029$296,110$2,241,976
8$3,519,479$879,870$307,954$2,331,655
9$3,660,258$915,065$320,273$2,424,921
10$3,806,669$951,667$333,084$2,521,918
11$3,958,935$989,734$346,407$2,622,795
12$4,117,293$1,029,323$360,263$2,727,706
13$4,281,984$1,070,496$374,674$2,836,815
14$4,453,264$1,113,316$389,661$2,950,287
15$4,631,394$1,157,849$405,247$3,068,299
16$4,816,650$1,204,163$421,457$3,191,031
17$5,009,316$1,252,329$438,315$3,318,672
18$5,209,689$1,302,422$455,848$3,451,419
19$5,418,076$1,354,519$474,082$3,589,476
20$5,634,799$1,408,700$493,045$3,733,055
21$5,860,191$1,465,048$512,767$3,882,377
22$6,094,599$1,523,650$533,277$4,037,672
23$6,338,383$1,584,596$554,609$4,199,179
24$6,591,918$1,647,980$576,793$4,367,146
25$6,855,595$1,713,899$599,865$4,541,832
26$7,129,819$1,782,455$623,859$4,723,505
27$7,415,012$1,853,753$648,814$4,912,445
28$7,711,612$1,927,903$674,766$5,108,943
29$8,020,077$2,005,019$701,757$5,313,301
30$8,340,880$2,085,220$729,827$5,525,833
Total$150,000,000$37,500,000$13,125,000$99,375,000
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