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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 $135,000,000 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, Jan 18, 2017
Jackpot:$135,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,031,944$507,986$177,795$1,346,163
2$2,133,541$533,385$186,685$1,413,471
3$2,240,218$560,054$196,019$1,484,144
4$2,352,229$588,057$205,820$1,558,352
5$2,469,840$617,460$216,111$1,636,269
6$2,593,332$648,333$226,917$1,718,083
7$2,722,999$680,750$238,262$1,803,987
8$2,859,149$714,787$250,176$1,894,186
9$3,002,106$750,527$262,684$1,988,895
10$3,152,212$788,053$275,819$2,088,340
11$3,309,822$827,456$289,609$2,192,757
12$3,475,313$868,828$304,090$2,302,395
13$3,649,079$912,270$319,294$2,417,515
14$3,831,533$957,883$335,259$2,538,391
15$4,023,110$1,005,777$352,022$2,665,310
16$4,224,265$1,056,066$369,623$2,798,576
17$4,435,478$1,108,870$388,104$2,938,504
18$4,657,252$1,164,313$407,510$3,085,430
19$4,890,115$1,222,529$427,885$3,239,701
20$5,134,621$1,283,655$449,279$3,401,686
21$5,391,352$1,347,838$471,743$3,571,770
22$5,660,919$1,415,230$495,330$3,750,359
23$5,943,965$1,485,991$520,097$3,937,877
24$6,241,163$1,560,291$546,102$4,134,771
25$6,553,222$1,638,305$573,407$4,341,509
26$6,880,883$1,720,221$602,077$4,558,585
27$7,224,927$1,806,232$632,181$4,786,514
28$7,586,173$1,896,543$663,790$5,025,840
29$7,965,482$1,991,370$696,980$5,277,132
30$8,363,756$2,090,939$731,829$5,540,988
Total$135,000,000$33,750,000$11,812,500$89,437,500
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