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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 $60,000,000 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, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$93,608$708,746
2$1,112,598$278,150$97,352$737,096
3$1,157,102$289,276$101,246$766,580
4$1,203,386$300,847$105,296$797,243
5$1,251,522$312,880$109,508$829,133
6$1,301,583$325,396$113,888$862,298
7$1,353,646$338,411$118,444$896,790
8$1,407,792$351,948$123,182$932,662
9$1,464,103$366,026$128,109$969,968
10$1,522,667$380,667$133,233$1,008,767
11$1,583,574$395,894$138,563$1,049,118
12$1,646,917$411,729$144,105$1,091,083
13$1,712,794$428,198$149,869$1,134,726
14$1,781,306$445,326$155,864$1,180,115
15$1,852,558$463,139$162,099$1,227,320
16$1,926,660$481,665$168,583$1,276,412
17$2,003,726$500,932$175,326$1,327,469
18$2,083,876$520,969$182,339$1,380,568
19$2,167,231$541,808$189,633$1,435,790
20$2,253,920$563,480$197,218$1,493,222
21$2,344,077$586,019$205,107$1,552,951
22$2,437,840$609,460$213,311$1,615,069
23$2,535,353$633,838$221,843$1,679,672
24$2,636,767$659,192$230,717$1,746,858
25$2,742,238$685,560$239,946$1,816,733
26$2,851,928$712,982$249,544$1,889,402
27$2,966,005$741,501$259,525$1,964,978
28$3,084,645$771,161$269,906$2,043,577
29$3,208,031$802,008$280,703$2,125,320
30$3,336,352$834,088$291,931$2,210,333
Total$60,000,000$15,000,000$5,250,000$39,750,000
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