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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 $158,000,000 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 8, 2020
Jackpot:$158,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,378,127$570,750$212,842$1,594,534
2$2,497,033$599,288$223,484$1,674,261
3$2,621,885$629,252$234,659$1,757,974
4$2,752,979$660,715$246,392$1,845,872
5$2,890,628$693,751$258,711$1,938,166
6$3,035,159$728,438$271,647$2,035,074
7$3,186,917$764,860$285,229$2,136,828
8$3,346,263$803,103$299,491$2,243,669
9$3,513,576$843,258$314,465$2,355,853
10$3,689,255$885,421$330,188$2,473,646
11$3,873,718$929,692$346,698$2,597,328
12$4,067,404$976,177$364,033$2,727,194
13$4,270,774$1,024,986$382,234$2,863,554
14$4,484,313$1,076,235$401,346$3,006,732
15$4,708,528$1,130,047$421,413$3,157,068
16$4,943,955$1,186,549$442,484$3,314,922
17$5,191,152$1,245,877$464,608$3,480,668
18$5,450,710$1,308,170$487,839$3,654,701
19$5,723,246$1,373,579$512,230$3,837,436
20$6,009,408$1,442,258$537,842$4,029,308
21$6,309,878$1,514,371$564,734$4,230,773
22$6,625,372$1,590,089$592,971$4,442,312
23$6,956,641$1,669,594$622,619$4,664,428
24$7,304,473$1,753,073$653,750$4,897,649
25$7,669,696$1,840,727$686,438$5,142,531
26$8,053,181$1,932,764$720,760$5,399,658
27$8,455,840$2,029,402$756,798$5,669,641
28$8,878,632$2,130,872$794,638$5,953,123
29$9,322,564$2,237,415$834,369$6,250,779
30$9,788,692$2,349,286$876,088$6,563,318
Total$158,000,000$37,920,000$14,141,000$105,939,000
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