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Powerball Annuity Jackpot Analysis for Maryland (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$90,873$698,424
2$1,090,476$261,714$95,417$733,345
3$1,145,000$274,800$100,188$770,013
4$1,202,250$288,540$105,197$808,513
5$1,262,363$302,967$110,457$848,939
6$1,325,481$318,115$115,980$891,386
7$1,391,755$334,021$121,779$935,955
8$1,461,343$350,722$127,867$982,753
9$1,534,410$368,258$134,261$1,031,891
10$1,611,130$386,671$140,974$1,083,485
11$1,691,687$406,005$148,023$1,137,659
12$1,776,271$426,305$155,424$1,194,542
13$1,865,085$447,620$163,195$1,254,270
14$1,958,339$470,001$171,355$1,316,983
15$2,056,256$493,501$179,922$1,382,832
16$2,159,069$518,177$188,919$1,451,974
17$2,267,022$544,085$198,364$1,524,572
18$2,380,373$571,290$208,283$1,600,801
19$2,499,392$599,854$218,697$1,680,841
20$2,624,362$629,847$229,632$1,764,883
21$2,755,580$661,339$241,113$1,853,127
22$2,893,359$694,406$253,169$1,945,784
23$3,038,027$729,126$265,827$2,043,073
24$3,189,928$765,583$279,119$2,145,227
25$3,349,424$803,862$293,075$2,252,488
26$3,516,896$844,055$307,728$2,365,112
27$3,692,740$886,258$323,115$2,483,368
28$3,877,377$930,571$339,271$2,607,536
29$4,071,246$977,099$356,234$2,737,913
30$4,274,809$1,025,954$374,046$2,874,809
Total$69,000,000$16,560,000$6,037,500$46,402,500
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