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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 $108,000,000 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, Jun 22, 2019
Jackpot:$108,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,625,555$390,133$142,236$1,093,186
2$1,706,833$409,640$149,348$1,147,845
3$1,792,174$430,122$156,815$1,205,237
4$1,881,783$451,628$164,656$1,265,499
5$1,975,872$474,209$172,889$1,328,774
6$2,074,666$497,920$181,533$1,395,213
7$2,178,399$522,816$190,610$1,464,973
8$2,287,319$548,957$200,140$1,538,222
9$2,401,685$576,404$210,147$1,615,133
10$2,521,769$605,225$220,655$1,695,890
11$2,647,858$635,486$231,688$1,780,684
12$2,780,251$667,260$243,272$1,869,719
13$2,919,263$700,623$255,436$1,963,205
14$3,065,226$735,654$268,207$2,061,365
15$3,218,488$772,437$281,618$2,164,433
16$3,379,412$811,059$295,699$2,272,655
17$3,548,383$851,612$310,483$2,386,287
18$3,725,802$894,192$326,008$2,505,602
19$3,912,092$938,902$342,308$2,630,882
20$4,107,697$985,847$359,423$2,762,426
21$4,313,081$1,035,140$377,395$2,900,547
22$4,528,735$1,086,896$396,264$3,045,575
23$4,755,172$1,141,241$416,078$3,197,853
24$4,992,931$1,198,303$436,881$3,357,746
25$5,242,577$1,258,219$458,726$3,525,633
26$5,504,706$1,321,129$481,662$3,701,915
27$5,779,942$1,387,186$505,745$3,887,011
28$6,068,939$1,456,545$531,032$4,081,361
29$6,372,385$1,529,373$557,584$4,285,429
30$6,691,005$1,605,841$585,463$4,499,701
Total$108,000,000$25,920,000$9,450,000$72,630,000
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