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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 $40,000,000 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, Aug 5, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$62,405$472,498
2$741,732$185,433$64,902$491,398
3$771,401$192,850$67,498$511,053
4$802,257$200,564$70,198$531,496
5$834,348$208,587$73,005$552,755
6$867,722$216,930$75,926$574,866
7$902,431$225,608$78,963$597,860
8$938,528$234,632$82,121$621,775
9$976,069$244,017$85,406$646,646
10$1,015,112$253,778$88,822$672,511
11$1,055,716$263,929$92,375$699,412
12$1,097,945$274,486$96,070$727,388
13$1,141,863$285,466$99,913$756,484
14$1,187,537$296,884$103,909$786,743
15$1,235,039$308,760$108,066$818,213
16$1,284,440$321,110$112,389$850,942
17$1,335,818$333,954$116,884$884,979
18$1,389,250$347,313$121,559$920,378
19$1,444,820$361,205$126,422$957,193
20$1,502,613$375,653$131,479$995,481
21$1,562,718$390,679$136,738$1,035,300
22$1,625,226$406,307$142,207$1,076,713
23$1,690,235$422,559$147,896$1,119,781
24$1,757,845$439,461$153,811$1,164,572
25$1,828,159$457,040$159,964$1,211,155
26$1,901,285$475,321$166,362$1,259,601
27$1,977,336$494,334$173,017$1,309,985
28$2,056,430$514,107$179,938$1,362,385
29$2,138,687$534,672$187,135$1,416,880
30$2,224,235$556,059$194,621$1,473,555
Total$40,000,000$10,000,000$3,500,000$26,500,000
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