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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 $90,000,000 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, Mar 4, 2015
Jackpot:$90,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,604,709$401,177$140,412$1,063,120
2$1,668,897$417,224$146,029$1,105,644
3$1,735,653$433,913$151,870$1,149,870
4$1,805,079$451,270$157,944$1,195,865
5$1,877,282$469,321$164,262$1,243,700
6$1,952,374$488,093$170,833$1,293,448
7$2,030,469$507,617$177,666$1,345,186
8$2,111,687$527,922$184,773$1,398,993
9$2,196,155$549,039$192,164$1,454,953
10$2,284,001$571,000$199,850$1,513,151
11$2,375,361$593,840$207,844$1,573,677
12$2,470,376$617,594$216,158$1,636,624
13$2,569,191$642,298$224,804$1,702,089
14$2,671,958$667,990$233,796$1,770,172
15$2,778,837$694,709$243,148$1,840,979
16$2,889,990$722,498$252,874$1,914,618
17$3,005,590$751,397$262,989$1,991,203
18$3,125,813$781,453$273,509$2,070,851
19$3,250,846$812,711$284,449$2,153,685
20$3,380,880$845,220$295,827$2,239,833
21$3,516,115$879,029$307,660$2,329,426
22$3,656,759$914,190$319,966$2,422,603
23$3,803,030$950,757$332,765$2,519,507
24$3,955,151$988,788$346,076$2,620,288
25$4,113,357$1,028,339$359,919$2,725,099
26$4,277,891$1,069,473$374,315$2,834,103
27$4,449,007$1,112,252$389,288$2,947,467
28$4,626,967$1,156,742$404,860$3,065,366
29$4,812,046$1,203,011$421,054$3,187,980
30$5,004,528$1,251,132$437,896$3,315,500
Total$90,000,000$22,500,000$7,875,000$59,625,000
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