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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 $133,000,000 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, Sep 5, 2015
Jackpot:$133,000,000
Federal Tax:  25%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,371,403$592,851$207,498$1,571,055
2$2,466,259$616,565$215,798$1,633,897
3$2,564,910$641,227$224,430$1,699,253
4$2,667,506$666,877$233,407$1,767,223
5$2,774,206$693,552$242,743$1,837,912
6$2,885,175$721,294$252,453$1,911,428
7$3,000,582$750,145$262,551$1,987,885
8$3,120,605$780,151$273,053$2,067,401
9$3,245,429$811,357$283,975$2,150,097
10$3,375,246$843,812$295,334$2,236,101
11$3,510,256$877,564$307,147$2,325,545
12$3,650,666$912,667$319,433$2,418,566
13$3,796,693$949,173$332,211$2,515,309
14$3,948,561$987,140$345,499$2,615,921
15$4,106,503$1,026,626$359,319$2,720,558
16$4,270,763$1,067,691$373,692$2,829,381
17$4,441,594$1,110,398$388,639$2,942,556
18$4,619,257$1,154,814$404,185$3,060,258
19$4,804,028$1,201,007$420,352$3,182,668
20$4,996,189$1,249,047$437,167$3,309,975
21$5,196,036$1,299,009$454,653$3,442,374
22$5,403,878$1,350,969$472,839$3,580,069
23$5,620,033$1,405,008$491,753$3,723,272
24$5,844,834$1,461,209$511,423$3,872,203
25$6,078,628$1,519,657$531,880$4,027,091
26$6,321,773$1,580,443$553,155$4,188,174
27$6,574,644$1,643,661$575,281$4,355,701
28$6,837,629$1,709,407$598,293$4,529,929
29$7,111,135$1,777,784$622,224$4,711,127
30$7,395,580$1,848,895$647,113$4,899,572
Total$133,000,000$33,250,000$11,637,500$88,112,500
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