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Powerball Annuity Jackpot Analysis for Maryland (Jan. 12, 2019 Drawing)

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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
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$1,444,938$346,785$108,370$989,782
2$1,517,185$364,124$113,789$1,039,272
3$1,593,044$382,331$119,478$1,091,235
4$1,672,696$401,447$125,452$1,145,797
5$1,756,331$421,519$131,725$1,203,087
6$1,844,147$442,595$138,311$1,263,241
7$1,936,355$464,725$145,227$1,326,403
8$2,033,173$487,961$152,488$1,392,723
9$2,134,831$512,359$160,112$1,462,359
10$2,241,573$537,977$168,118$1,535,477
11$2,353,651$564,876$176,524$1,612,251
12$2,471,334$593,120$185,350$1,692,864
13$2,594,901$622,776$194,618$1,777,507
14$2,724,646$653,915$204,348$1,866,382
15$2,860,878$686,611$214,566$1,959,701
16$3,003,922$720,941$225,294$2,057,686
17$3,154,118$756,988$236,559$2,160,571
18$3,311,824$794,838$248,387$2,268,599
19$3,477,415$834,580$260,806$2,382,029
20$3,651,286$876,309$273,846$2,501,131
21$3,833,850$920,124$287,539$2,626,187
22$4,025,543$966,130$301,916$2,757,497
23$4,226,820$1,014,437$317,011$2,895,372
24$4,438,161$1,065,159$332,862$3,040,140
25$4,660,069$1,118,416$349,505$3,192,147
26$4,893,072$1,174,337$366,980$3,351,754
27$5,137,726$1,233,054$385,329$3,519,342
28$5,394,612$1,294,707$404,596$3,695,309
29$5,664,343$1,359,442$424,826$3,880,075
30$5,947,560$1,427,414$446,067$4,074,078
Total$96,000,000$23,040,000$7,200,000$65,760,000
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