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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 $314,000,000 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:  Sat, Apr 30, 2016
Jackpot:$314,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,726,151$1,181,538$413,538$3,131,075
2$4,962,458$1,240,615$434,215$3,287,629
3$5,210,581$1,302,645$455,926$3,452,010
4$5,471,110$1,367,778$478,722$3,624,611
5$5,744,665$1,436,166$502,658$3,805,841
6$6,031,899$1,507,975$527,791$3,996,133
7$6,333,494$1,583,373$554,181$4,195,940
8$6,650,169$1,662,542$581,890$4,405,737
9$6,982,677$1,745,669$610,984$4,626,024
10$7,331,811$1,832,953$641,533$4,857,325
11$7,698,401$1,924,600$673,610$5,100,191
12$8,083,321$2,020,830$707,291$5,355,200
13$8,487,488$2,121,872$742,655$5,622,960
14$8,911,862$2,227,965$779,788$5,904,109
15$9,357,455$2,339,364$818,777$6,199,314
16$9,825,328$2,456,332$859,716$6,509,280
17$10,316,594$2,579,149$902,702$6,834,744
18$10,832,424$2,708,106$947,837$7,176,481
19$11,374,045$2,843,511$995,229$7,535,305
20$11,942,747$2,985,687$1,044,990$7,912,070
21$12,539,885$3,134,971$1,097,240$8,307,674
22$13,166,879$3,291,720$1,152,102$8,723,057
23$13,825,223$3,456,306$1,209,707$9,159,210
24$14,516,484$3,629,121$1,270,192$9,617,170
25$15,242,308$3,810,577$1,333,702$10,098,029
26$16,004,424$4,001,106$1,400,387$10,602,931
27$16,804,645$4,201,161$1,470,406$11,133,077
28$17,644,877$4,411,219$1,543,927$11,689,731
29$18,527,121$4,631,780$1,621,123$12,274,217
30$19,453,477$4,863,369$1,702,179$12,887,928
Total$314,000,001$78,500,000$27,475,000$208,025,000
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