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Powerball Annuity Jackpot Analysis for Maryland (Oct. 24, 2018 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$793,493$6,098,559
2$9,521,914$2,285,259$833,167$6,403,487
3$9,998,010$2,399,522$874,826$6,723,662
4$10,497,911$2,519,499$918,567$7,059,845
5$11,022,806$2,645,473$964,495$7,412,837
6$11,573,946$2,777,747$1,012,720$7,783,479
7$12,152,644$2,916,634$1,063,356$8,172,653
8$12,760,276$3,062,466$1,116,524$8,581,285
9$13,398,290$3,215,589$1,172,350$9,010,350
10$14,068,204$3,376,369$1,230,968$9,460,867
11$14,771,614$3,545,187$1,292,516$9,933,911
12$15,510,195$3,722,447$1,357,142$10,430,606
13$16,285,705$3,908,569$1,424,999$10,952,136
14$17,099,990$4,103,998$1,496,249$11,499,743
15$17,954,989$4,309,197$1,571,062$12,074,730
16$18,852,739$4,524,657$1,649,615$12,678,467
17$19,795,375$4,750,890$1,732,095$13,312,390
18$20,785,144$4,988,435$1,818,700$13,978,010
19$21,824,401$5,237,856$1,909,635$14,676,910
20$22,915,622$5,499,749$2,005,117$15,410,756
21$24,061,403$5,774,737$2,105,373$16,181,293
22$25,264,473$6,063,473$2,210,641$16,990,358
23$26,527,697$6,366,647$2,321,173$17,839,876
24$27,854,081$6,684,979$2,437,232$18,731,870
25$29,246,785$7,019,228$2,559,094$19,668,463
26$30,709,125$7,370,190$2,687,048$20,651,887
27$32,244,581$7,738,699$2,821,401$21,684,481
28$33,856,810$8,125,634$2,962,471$22,768,705
29$35,549,650$8,531,916$3,110,594$23,907,140
30$37,327,133$8,958,512$3,266,124$25,102,497
Total$602,500,001$144,600,000$52,718,750$405,181,251
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