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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 $189,000,000 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:  Wed, Feb 17, 2016
Jackpot:$189,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,844,721$711,180$248,913$1,884,628
2$2,986,957$746,739$261,359$1,978,859
3$3,136,305$784,076$274,427$2,077,802
4$3,293,121$823,280$288,148$2,181,692
5$3,457,776$864,444$302,555$2,290,777
6$3,630,665$907,666$317,683$2,405,316
7$3,812,199$953,050$333,567$2,525,582
8$4,002,809$1,000,702$350,246$2,651,861
9$4,202,949$1,050,737$367,758$2,784,454
10$4,413,096$1,103,274$386,146$2,923,676
11$4,633,751$1,158,438$405,453$3,069,860
12$4,865,439$1,216,360$425,726$3,223,353
13$5,108,711$1,277,178$447,012$3,384,521
14$5,364,146$1,341,037$469,363$3,553,747
15$5,632,353$1,408,088$492,831$3,731,434
16$5,913,971$1,478,493$517,472$3,918,006
17$6,209,670$1,552,417$543,346$4,113,906
18$6,520,153$1,630,038$570,513$4,319,601
19$6,846,161$1,711,540$599,039$4,535,582
20$7,188,469$1,797,117$628,991$4,762,361
21$7,547,892$1,886,973$660,441$5,000,479
22$7,925,287$1,981,322$693,463$5,250,503
23$8,321,551$2,080,388$728,136$5,513,028
24$8,737,629$2,184,407$764,543$5,788,679
25$9,174,510$2,293,628$802,770$6,078,113
26$9,633,236$2,408,309$842,908$6,382,019
27$10,114,898$2,528,724$885,054$6,701,120
28$10,620,642$2,655,161$929,306$7,036,176
29$11,151,675$2,787,919$975,772$7,387,984
30$11,709,258$2,927,315$1,024,560$7,757,384
Total$189,000,000$47,250,000$16,537,500$125,212,500
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