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Powerball Annuity Jackpot Analysis for Maryland (Jan. 16, 2019 Drawing)

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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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$147,504$1,133,674
2$1,770,049$424,812$154,879$1,190,358
3$1,858,551$446,052$162,623$1,249,876
4$1,951,479$468,355$170,754$1,312,370
5$2,049,053$491,773$179,292$1,377,988
6$2,151,505$516,361$188,257$1,446,887
7$2,259,081$542,179$197,670$1,519,232
8$2,372,035$569,288$207,553$1,595,193
9$2,490,636$597,753$217,931$1,674,953
10$2,615,168$627,640$228,827$1,758,701
11$2,745,927$659,022$240,269$1,846,636
12$2,883,223$691,974$252,282$1,938,967
13$3,027,384$726,572$264,896$2,035,916
14$3,178,753$762,901$278,141$2,137,712
15$3,337,691$801,046$292,048$2,244,597
16$3,504,576$841,098$306,650$2,356,827
17$3,679,804$883,153$321,983$2,474,668
18$3,863,794$927,311$338,082$2,598,402
19$4,056,984$973,676$354,986$2,728,322
20$4,259,833$1,022,360$372,735$2,864,738
21$4,472,825$1,073,478$391,372$3,007,975
22$4,696,466$1,127,152$410,941$3,158,374
23$4,931,290$1,183,510$431,488$3,316,292
24$5,177,854$1,242,685$453,062$3,482,107
25$5,436,747$1,304,819$475,715$3,656,212
26$5,708,584$1,370,060$499,501$3,839,023
27$5,994,013$1,438,563$524,476$4,030,974
28$6,293,714$1,510,491$550,700$4,232,523
29$6,608,400$1,586,016$578,235$4,444,149
30$6,938,820$1,665,317$607,147$4,666,356
Total$112,000,000$26,880,000$9,800,000$75,320,000
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