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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 $142,000,000 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 27, 2016
Jackpot:$142,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,137,304$534,326$187,014$1,415,964
2$2,244,169$561,042$196,365$1,486,762
3$2,356,377$589,094$206,183$1,561,100
4$2,474,196$618,549$216,492$1,639,155
5$2,597,906$649,477$227,317$1,721,113
6$2,727,801$681,950$238,683$1,807,168
7$2,864,192$716,048$250,617$1,897,527
8$3,007,401$751,850$263,148$1,992,403
9$3,157,771$789,443$276,305$2,092,023
10$3,315,660$828,915$290,120$2,196,625
11$3,481,443$870,361$304,626$2,306,456
12$3,655,515$913,879$319,858$2,421,779
13$3,838,291$959,573$335,850$2,542,867
14$4,030,205$1,007,551$352,643$2,670,011
15$4,231,715$1,057,929$370,275$2,803,511
16$4,443,301$1,110,825$388,789$2,943,687
17$4,665,466$1,166,367$408,228$3,090,871
18$4,898,739$1,224,685$428,640$3,245,415
19$5,143,676$1,285,919$450,072$3,407,686
20$5,400,860$1,350,215$472,575$3,578,070
21$5,670,903$1,417,726$496,204$3,756,973
22$5,954,448$1,488,612$521,014$3,944,822
23$6,252,171$1,563,043$547,065$4,142,063
24$6,564,779$1,641,195$574,418$4,349,166
25$6,893,018$1,723,255$603,139$4,566,625
26$7,237,669$1,809,417$633,296$4,794,956
27$7,599,553$1,899,888$664,961$5,034,704
28$7,979,530$1,994,883$698,209$5,286,439
29$8,378,507$2,094,627$733,119$5,550,761
30$8,797,432$2,199,358$769,775$5,828,299
Total$142,000,000$35,500,000$12,425,000$94,075,000
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