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Powerball Annuity Jackpot Analysis for Maryland (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$123,934$928,463
2$1,453,969$348,952$130,130$974,886
3$1,526,667$366,400$136,637$1,023,630
4$1,603,000$384,720$143,469$1,074,812
5$1,683,150$403,956$150,642$1,128,552
6$1,767,308$424,154$158,174$1,184,980
7$1,855,673$445,362$166,083$1,244,229
8$1,948,457$467,630$174,387$1,306,440
9$2,045,880$491,011$183,106$1,371,762
10$2,148,174$515,562$192,262$1,440,351
11$2,255,583$541,340$201,875$1,512,368
12$2,368,362$568,407$211,968$1,587,987
13$2,486,780$596,827$222,567$1,667,386
14$2,611,119$626,669$233,695$1,750,755
15$2,741,675$658,002$245,380$1,838,293
16$2,878,758$690,902$257,649$1,930,208
17$3,022,696$725,447$270,531$2,026,718
18$3,173,831$761,719$284,058$2,128,054
19$3,332,523$799,805$298,261$2,234,456
20$3,499,149$839,796$313,174$2,346,179
21$3,674,106$881,786$328,833$2,463,488
22$3,857,812$925,875$345,274$2,586,663
23$4,050,702$972,169$362,538$2,715,996
24$4,253,237$1,020,777$380,665$2,851,796
25$4,465,899$1,071,816$399,698$2,994,385
26$4,689,194$1,125,407$419,683$3,144,105
27$4,923,654$1,181,677$440,667$3,301,310
28$5,169,837$1,240,761$462,700$3,466,375
29$5,428,328$1,302,799$485,835$3,639,694
30$5,699,745$1,367,939$510,127$3,821,679
Total$92,000,000$22,080,000$8,234,000$61,686,000
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