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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 $304,000,000 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, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$400,368$3,077,115
2$4,804,418$1,153,060$420,387$3,230,971
3$5,044,639$1,210,713$441,406$3,392,520
4$5,296,871$1,271,249$463,476$3,562,146
5$5,561,714$1,334,811$486,650$3,740,253
6$5,839,800$1,401,552$510,983$3,927,266
7$6,131,790$1,471,630$536,532$4,123,629
8$6,438,380$1,545,211$563,358$4,329,810
9$6,760,299$1,622,472$591,526$4,546,301
10$7,098,314$1,703,595$621,102$4,773,616
11$7,453,229$1,788,775$652,158$5,012,297
12$7,825,891$1,878,214$684,765$5,262,912
13$8,217,185$1,972,124$719,004$5,526,057
14$8,628,045$2,070,731$754,954$5,802,360
15$9,059,447$2,174,267$792,702$6,092,478
16$9,512,419$2,282,981$832,337$6,397,102
17$9,988,040$2,397,130$873,954$6,716,957
18$10,487,442$2,516,986$917,651$7,052,805
19$11,011,814$2,642,835$963,534$7,405,445
20$11,562,405$2,774,977$1,011,710$7,775,717
21$12,140,525$2,913,726$1,062,296$8,164,503
22$12,747,551$3,059,412$1,115,411$8,572,728
23$13,384,929$3,212,383$1,171,181$9,001,365
24$14,054,175$3,373,002$1,229,740$9,451,433
25$14,756,884$3,541,652$1,291,227$9,924,005
26$15,494,729$3,718,735$1,355,789$10,420,205
27$16,269,465$3,904,672$1,423,578$10,941,215
28$17,082,938$4,099,905$1,494,757$11,488,276
29$17,937,085$4,304,900$1,569,495$12,062,690
30$18,833,939$4,520,145$1,647,970$12,665,824
Total$304,000,001$72,960,000$26,600,000$204,440,000
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