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Powerball Annuity Jackpot Analysis for Maryland (Oct. 27, 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 $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:7.50% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$776,428$7,091,378
2$10,869,996$2,608,799$815,250$7,445,947
3$11,413,496$2,739,239$856,012$7,818,244
4$11,984,171$2,876,201$898,813$8,209,157
5$12,583,379$3,020,011$943,753$8,619,614
6$13,212,548$3,171,011$990,941$9,050,595
7$13,873,176$3,329,562$1,040,488$9,503,125
8$14,566,834$3,496,040$1,092,513$9,978,282
9$15,295,176$3,670,842$1,147,138$10,477,196
10$16,059,935$3,854,384$1,204,495$11,001,055
11$16,862,932$4,047,104$1,264,720$11,551,108
12$17,706,078$4,249,459$1,327,956$12,128,663
13$18,591,382$4,461,932$1,394,354$12,735,097
14$19,520,951$4,685,028$1,464,071$13,371,852
15$20,496,998$4,919,280$1,537,275$14,040,444
16$21,521,849$5,165,244$1,614,139$14,742,466
17$22,597,941$5,423,506$1,694,846$15,479,589
18$23,727,838$5,694,681$1,779,588$16,253,569
19$24,914,230$5,979,415$1,868,567$17,066,247
20$26,159,941$6,278,386$1,961,996$17,919,560
21$27,467,938$6,592,305$2,060,095$18,815,538
22$28,841,335$6,921,920$2,163,100$19,756,315
23$30,283,402$7,268,016$2,271,255$20,744,130
24$31,797,572$7,631,417$2,384,818$21,781,337
25$33,387,450$8,012,988$2,504,059$22,870,403
26$35,056,823$8,413,638$2,629,262$24,013,924
27$36,809,665$8,834,319$2,760,725$25,214,620
28$38,650,147$9,276,035$2,898,761$26,475,351
29$40,582,655$9,739,837$3,043,699$27,799,119
30$42,611,788$10,226,829$3,195,884$29,189,075
Total$687,800,001$165,072,000$51,585,000$471,143,001
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