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Powerball Annuity Jackpot Analysis for Maryland

For an out-of-state resident

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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 $50,000,000 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 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:7.50% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$56,443$515,512
2$790,200$189,648$59,265$541,287
3$829,710$199,130$62,228$568,352
4$871,196$209,087$65,340$596,769
5$914,756$219,541$68,607$626,608
6$960,493$230,518$72,037$657,938
7$1,008,518$242,044$75,639$690,835
8$1,058,944$254,147$79,421$725,377
9$1,111,891$266,854$83,392$761,646
10$1,167,486$280,197$87,561$799,728
11$1,225,860$294,206$91,940$839,714
12$1,287,153$308,917$96,536$881,700
13$1,351,511$324,363$101,363$925,785
14$1,419,086$340,581$106,431$972,074
15$1,490,041$357,610$111,753$1,020,678
16$1,564,543$375,490$117,341$1,071,712
17$1,642,770$394,265$123,208$1,125,297
18$1,724,908$413,978$129,368$1,181,562
19$1,811,154$434,677$135,837$1,240,640
20$1,901,711$456,411$142,628$1,302,672
21$1,996,797$479,231$149,760$1,367,806
22$2,096,637$503,193$157,248$1,436,196
23$2,201,469$528,352$165,110$1,508,006
24$2,311,542$554,770$173,366$1,583,406
25$2,427,119$582,509$182,034$1,662,577
26$2,548,475$611,634$191,136$1,745,705
27$2,675,899$642,216$200,692$1,832,991
28$2,809,694$674,327$210,727$1,924,640
29$2,950,178$708,043$221,263$2,020,872
30$3,097,687$743,445$232,327$2,121,916
Total$50,000,000$12,000,000$3,750,000$34,250,000
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