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Powerball Annuity Jackpot Analysis for Maryland (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
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$7,175,019$1,722,005$538,126$4,914,888
2$7,533,770$1,808,105$565,033$5,160,633
3$7,910,458$1,898,510$593,284$5,418,664
4$8,305,982$1,993,436$622,949$5,689,597
5$8,721,280$2,093,107$654,096$5,974,077
6$9,157,345$2,197,763$686,801$6,272,781
7$9,615,212$2,307,651$721,141$6,586,420
8$10,095,973$2,423,033$757,198$6,915,741
9$10,600,771$2,544,185$795,058$7,261,528
10$11,130,810$2,671,394$834,811$7,624,605
11$11,687,350$2,804,964$876,551$8,005,835
12$12,271,718$2,945,212$920,379$8,406,127
13$12,885,303$3,092,473$966,398$8,826,433
14$13,529,569$3,247,097$1,014,718$9,267,755
15$14,206,047$3,409,451$1,065,454$9,731,142
16$14,916,350$3,579,924$1,118,726$10,217,699
17$15,662,167$3,758,920$1,174,663$10,728,584
18$16,445,275$3,946,866$1,233,396$11,265,014
19$17,267,539$4,144,209$1,295,065$11,828,264
20$18,130,916$4,351,420$1,359,819$12,419,677
21$19,037,462$4,568,991$1,427,810$13,040,661
22$19,989,335$4,797,440$1,499,200$13,692,694
23$20,988,802$5,037,312$1,574,160$14,377,329
24$22,038,241$5,289,178$1,652,868$15,096,195
25$23,140,153$5,553,637$1,735,512$15,851,005
26$24,297,162$5,831,319$1,822,287$16,643,556
27$25,512,020$6,122,885$1,913,401$17,475,733
28$26,787,620$6,429,029$2,009,072$18,349,520
29$28,127,001$6,750,480$2,109,525$19,266,996
30$29,533,352$7,088,004$2,215,001$20,230,346
Total$476,700,001$114,408,000$35,752,500$326,539,501
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