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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, Apr 25, 2015
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:7.00% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$62,405$606,223
2$927,165$231,791$64,902$630,472
3$964,252$241,063$67,498$655,691
4$1,002,822$250,705$70,198$681,919
5$1,042,935$260,734$73,005$709,196
6$1,084,652$271,163$75,926$737,563
7$1,128,038$282,010$78,963$767,066
8$1,173,160$293,290$82,121$797,749
9$1,220,086$305,022$85,406$829,659
10$1,268,890$317,222$88,822$862,845
11$1,319,645$329,911$92,375$897,359
12$1,372,431$343,108$96,070$933,253
13$1,427,328$356,832$99,913$970,583
14$1,484,421$371,105$103,909$1,009,406
15$1,543,798$385,950$108,066$1,049,783
16$1,605,550$401,388$112,389$1,091,774
17$1,669,772$417,443$116,884$1,135,445
18$1,736,563$434,141$121,559$1,180,863
19$1,806,025$451,506$126,422$1,228,097
20$1,878,266$469,567$131,479$1,277,221
21$1,953,397$488,349$136,738$1,328,310
22$2,031,533$507,883$142,207$1,381,442
23$2,112,794$528,199$147,896$1,436,700
24$2,197,306$549,327$153,811$1,494,168
25$2,285,198$571,300$159,964$1,553,935
26$2,376,606$594,152$166,362$1,616,092
27$2,471,671$617,918$173,017$1,680,736
28$2,570,537$642,634$179,938$1,747,965
29$2,673,359$668,340$187,135$1,817,884
30$2,780,293$695,073$194,621$1,890,599
Total$50,000,000$12,500,000$3,500,000$34,000,000
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