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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 $67,000,000 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, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$88,239$668,096
2$1,058,868$264,717$92,651$701,500
3$1,111,812$277,953$97,284$736,575
4$1,167,403$291,851$102,148$773,404
5$1,225,773$306,443$107,255$812,074
6$1,287,061$321,765$112,618$852,678
7$1,351,414$337,854$118,249$895,312
8$1,418,985$354,746$124,161$940,078
9$1,489,934$372,484$130,369$987,081
10$1,564,431$391,108$136,888$1,036,436
11$1,642,653$410,663$143,732$1,088,257
12$1,724,785$431,196$150,919$1,142,670
13$1,811,024$452,756$158,465$1,199,804
14$1,901,576$475,394$166,388$1,259,794
15$1,996,654$499,164$174,707$1,322,784
16$2,096,487$524,122$183,443$1,388,923
17$2,201,311$550,328$192,615$1,458,369
18$2,311,377$577,844$202,245$1,531,287
19$2,426,946$606,736$212,358$1,607,852
20$2,548,293$637,073$222,976$1,688,244
21$2,675,708$668,927$234,124$1,772,656
22$2,809,493$702,373$245,831$1,861,289
23$2,949,968$737,492$258,122$1,954,354
24$3,097,466$774,367$271,028$2,052,071
25$3,252,340$813,085$284,580$2,154,675
26$3,414,957$853,739$298,809$2,262,409
27$3,585,704$896,426$313,749$2,375,529
28$3,764,990$941,247$329,437$2,494,306
29$3,953,239$988,310$345,908$2,619,021
30$4,150,901$1,037,725$363,204$2,749,972
Total$67,000,000$16,750,000$5,862,500$44,387,500
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