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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 $157,000,000 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, Feb 10, 2016
Jackpot:$157,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,363,075$590,769$206,769$1,565,537
2$2,481,229$620,307$217,108$1,643,814
3$2,605,290$651,323$227,963$1,726,005
4$2,735,555$683,889$239,361$1,812,305
5$2,872,333$718,083$251,329$1,902,920
6$3,015,949$753,987$263,896$1,998,066
7$3,166,747$791,687$277,090$2,097,970
8$3,325,084$831,271$290,945$2,202,868
9$3,491,339$872,835$305,492$2,313,012
10$3,665,905$916,476$320,767$2,428,662
11$3,849,201$962,300$336,805$2,550,095
12$4,041,661$1,010,415$353,645$2,677,600
13$4,243,744$1,060,936$371,328$2,811,480
14$4,455,931$1,113,983$389,894$2,952,054
15$4,678,727$1,169,682$409,389$3,099,657
16$4,912,664$1,228,166$429,858$3,254,640
17$5,158,297$1,289,574$451,351$3,417,372
18$5,416,212$1,354,053$473,919$3,588,240
19$5,687,022$1,421,756$497,614$3,767,652
20$5,971,374$1,492,843$522,495$3,956,035
21$6,269,942$1,567,486$548,620$4,153,837
22$6,583,439$1,645,860$576,051$4,361,529
23$6,912,611$1,728,153$604,853$4,579,605
24$7,258,242$1,814,560$635,096$4,808,585
25$7,621,154$1,905,288$666,851$5,049,015
26$8,002,212$2,000,553$700,194$5,301,465
27$8,402,322$2,100,581$735,203$5,566,539
28$8,822,438$2,205,610$771,963$5,844,865
29$9,263,560$2,315,890$810,562$6,137,109
30$9,726,738$2,431,685$851,090$6,443,964
Total$157,000,000$39,250,000$13,737,500$104,012,500
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