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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 $85,000,000 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, Dec 10, 2016
Jackpot:$85,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,279,372$319,843$111,945$847,584
2$1,343,341$335,835$117,542$889,963
3$1,410,508$352,627$123,419$934,461
4$1,481,033$370,258$129,590$981,184
5$1,555,085$388,771$136,070$1,030,244
6$1,632,839$408,210$142,873$1,081,756
7$1,714,481$428,620$150,017$1,135,844
8$1,800,205$450,051$157,518$1,192,636
9$1,890,215$472,554$165,394$1,252,268
10$1,984,726$496,181$173,664$1,314,881
11$2,083,962$520,991$182,347$1,380,625
12$2,188,160$547,040$191,464$1,449,656
13$2,297,568$574,392$201,037$1,522,139
14$2,412,447$603,112$211,089$1,598,246
15$2,533,069$633,267$221,644$1,678,158
16$2,659,723$664,931$232,726$1,762,066
17$2,792,709$698,177$244,362$1,850,169
18$2,932,344$733,086$256,580$1,942,678
19$3,078,961$769,740$269,409$2,039,812
20$3,232,909$808,227$282,880$2,141,802
21$3,394,555$848,639$297,024$2,248,893
22$3,564,282$891,071$311,875$2,361,337
23$3,742,497$935,624$327,468$2,479,404
24$3,929,621$982,405$343,842$2,603,374
25$4,126,102$1,031,526$361,034$2,733,543
26$4,332,408$1,083,102$379,086$2,870,220
27$4,549,028$1,137,257$398,040$3,013,731
28$4,776,479$1,194,120$417,942$3,164,418
29$5,015,303$1,253,826$438,839$3,322,638
30$5,266,069$1,316,517$460,781$3,488,770
Total$85,000,000$21,250,000$7,437,500$56,312,500
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