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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 $127,000,000 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, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$171,082$1,281,682
2$2,007,109$481,706$179,636$1,345,767
3$2,107,464$505,791$188,618$1,413,055
4$2,212,838$531,081$198,049$1,483,708
5$2,323,479$557,635$207,951$1,557,893
6$2,439,653$585,517$218,349$1,635,788
7$2,561,636$614,793$229,266$1,717,577
8$2,689,718$645,532$240,730$1,803,456
9$2,824,204$677,809$252,766$1,893,629
10$2,965,414$711,699$265,405$1,988,310
11$3,113,685$747,284$278,675$2,087,726
12$3,269,369$784,649$292,609$2,192,112
13$3,432,837$823,881$307,239$2,301,717
14$3,604,479$865,075$322,601$2,416,803
15$3,784,703$908,329$338,731$2,537,643
16$3,973,938$953,745$355,667$2,664,526
17$4,172,635$1,001,432$373,451$2,797,752
18$4,381,267$1,051,504$392,123$2,937,639
19$4,600,330$1,104,079$411,730$3,084,521
20$4,830,347$1,159,283$432,316$3,238,748
21$5,071,864$1,217,247$453,932$3,400,685
22$5,325,457$1,278,110$476,628$3,570,719
23$5,591,730$1,342,015$500,460$3,749,255
24$5,871,317$1,409,116$525,483$3,936,718
25$6,164,883$1,479,572$551,757$4,133,554
26$6,473,127$1,553,550$579,345$4,340,231
27$6,796,783$1,631,228$608,312$4,557,243
28$7,136,622$1,712,789$638,728$4,785,105
29$7,493,453$1,798,429$670,664$5,024,360
30$7,868,126$1,888,350$704,197$5,275,578
Total$127,000,000$30,480,000$11,366,500$85,153,500
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