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Powerball Annuity Jackpot Analysis for Maryland (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:8.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$905,833$6,961,974
2$10,869,996$2,608,799$951,125$7,310,072
3$11,413,496$2,739,239$998,681$7,675,576
4$11,984,171$2,876,201$1,048,615$8,059,355
5$12,583,379$3,020,011$1,101,046$8,462,322
6$13,212,548$3,171,011$1,156,098$8,885,438
7$13,873,176$3,329,562$1,213,903$9,329,711
8$14,566,834$3,496,040$1,274,598$9,796,196
9$15,295,176$3,670,842$1,338,328$10,286,006
10$16,059,935$3,854,384$1,405,244$10,800,306
11$16,862,932$4,047,104$1,475,507$11,340,321
12$17,706,078$4,249,459$1,549,282$11,907,337
13$18,591,382$4,461,932$1,626,746$12,502,704
14$19,520,951$4,685,028$1,708,083$13,127,840
15$20,496,998$4,919,280$1,793,487$13,784,231
16$21,521,849$5,165,244$1,883,162$14,473,443
17$22,597,941$5,423,506$1,977,320$15,197,115
18$23,727,838$5,694,681$2,076,186$15,956,971
19$24,914,230$5,979,415$2,179,995$16,754,819
20$26,159,941$6,278,386$2,288,995$17,592,561
21$27,467,938$6,592,305$2,403,445$18,472,188
22$28,841,335$6,921,920$2,523,617$19,395,798
23$30,283,402$7,268,016$2,649,798$20,365,588
24$31,797,572$7,631,417$2,782,288$21,383,867
25$33,387,450$8,012,988$2,921,402$22,453,060
26$35,056,823$8,413,638$3,067,472$23,575,714
27$36,809,665$8,834,319$3,220,846$24,754,499
28$38,650,147$9,276,035$3,381,888$25,992,224
29$40,582,655$9,739,837$3,550,982$27,291,835
30$42,611,788$10,226,829$3,728,531$28,656,427
Total$687,800,001$165,072,000$60,182,500$462,545,501
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