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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 $70,000,000 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 1, 2016
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$263,400$92,190$698,010
2$1,106,280$276,570$96,800$732,911
3$1,161,594$290,399$101,640$769,556
4$1,219,674$304,919$106,721$808,034
5$1,280,658$320,164$112,058$848,436
6$1,344,691$336,173$117,660$890,858
7$1,411,925$352,981$123,543$935,401
8$1,482,522$370,630$129,721$982,171
9$1,556,648$389,162$136,207$1,031,279
10$1,634,480$408,620$143,017$1,082,843
11$1,716,204$429,051$150,168$1,136,985
12$1,802,014$450,504$157,676$1,193,835
13$1,892,115$473,029$165,560$1,253,526
14$1,986,721$496,680$173,838$1,316,203
15$2,086,057$521,514$182,530$1,382,013
16$2,190,360$547,590$191,656$1,451,113
17$2,299,878$574,969$201,239$1,523,669
18$2,414,872$603,718$211,301$1,599,852
19$2,535,615$633,904$221,866$1,679,845
20$2,662,396$665,599$232,960$1,763,837
21$2,795,516$698,879$244,608$1,852,029
22$2,935,291$733,823$256,838$1,944,631
23$3,082,056$770,514$269,680$2,041,862
24$3,236,159$809,040$283,164$2,143,955
25$3,397,967$849,492$297,322$2,251,153
26$3,567,865$891,966$312,188$2,363,711
27$3,746,258$936,565$327,798$2,481,896
28$3,933,571$983,393$344,187$2,605,991
29$4,130,250$1,032,562$361,397$2,736,291
30$4,336,762$1,084,191$379,467$2,873,105
Total$70,000,000$17,500,000$6,125,000$46,375,000
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