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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 $50,000,000 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, Aug 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$65,850$506,105
2$790,200$189,648$69,143$531,410
3$829,710$199,130$72,600$557,980
4$871,196$209,087$76,230$585,879
5$914,756$219,541$80,041$615,173
6$960,493$230,518$84,043$645,932
7$1,008,518$242,044$88,245$678,228
8$1,058,944$254,147$92,658$712,140
9$1,111,891$266,854$97,290$747,747
10$1,167,486$280,197$102,155$785,134
11$1,225,860$294,206$107,263$824,391
12$1,287,153$308,917$112,626$865,610
13$1,351,511$324,363$118,257$908,891
14$1,419,086$340,581$124,170$954,336
15$1,490,041$357,610$130,379$1,002,052
16$1,564,543$375,490$136,897$1,052,155
17$1,642,770$394,265$143,742$1,104,763
18$1,724,908$413,978$150,929$1,160,001
19$1,811,154$434,677$158,476$1,218,001
20$1,901,711$456,411$166,400$1,278,901
21$1,996,797$479,231$174,720$1,342,846
22$2,096,637$503,193$183,456$1,409,988
23$2,201,469$528,352$192,629$1,480,488
24$2,311,542$554,770$202,260$1,554,512
25$2,427,119$582,509$212,373$1,632,238
26$2,548,475$611,634$222,992$1,713,850
27$2,675,899$642,216$234,141$1,799,542
28$2,809,694$674,327$245,848$1,889,519
29$2,950,178$708,043$258,141$1,983,995
30$3,097,687$743,445$271,048$2,083,195
Total$50,000,000$12,000,000$4,375,000$33,625,000
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