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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 $125,000,000 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, May 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$168,388$1,261,498
2$1,975,501$474,120$176,807$1,324,573
3$2,074,276$497,826$185,648$1,390,802
4$2,177,990$522,718$194,930$1,460,342
5$2,286,889$548,853$204,677$1,533,359
6$2,401,234$576,296$214,910$1,610,027
7$2,521,295$605,111$225,656$1,690,529
8$2,647,360$635,366$236,939$1,775,055
9$2,779,728$667,135$248,786$1,863,808
10$2,918,715$700,491$261,225$1,956,998
11$3,064,650$735,516$274,286$2,054,848
12$3,217,883$772,292$288,001$2,157,590
13$3,378,777$810,906$302,401$2,265,470
14$3,547,716$851,452$317,521$2,378,743
15$3,725,102$894,024$333,397$2,497,681
16$3,911,357$938,726$350,066$2,622,565
17$4,106,924$985,662$367,570$2,753,693
18$4,312,271$1,034,945$385,948$2,891,377
19$4,527,884$1,086,692$405,246$3,035,946
20$4,754,278$1,141,027$425,508$3,187,744
21$4,991,992$1,198,078$446,783$3,347,131
22$5,241,592$1,257,982$469,122$3,514,487
23$5,503,672$1,320,881$492,579$3,690,212
24$5,778,855$1,386,925$517,208$3,874,722
25$6,067,798$1,456,271$543,068$4,068,458
26$6,371,188$1,529,085$570,221$4,271,881
27$6,689,747$1,605,539$598,732$4,485,475
28$7,024,234$1,685,816$628,669$4,709,749
29$7,375,446$1,770,107$660,102$4,945,237
30$7,744,219$1,858,612$693,108$5,192,499
Total$125,000,000$30,000,000$11,187,500$83,812,500
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