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Powerball Annuity Jackpot Analysis for Maryland (Nov. 10, 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 $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:7.50% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$103,855$948,541
2$1,453,969$348,952$109,048$995,969
3$1,526,667$366,400$114,500$1,045,767
4$1,603,000$384,720$120,225$1,098,055
5$1,683,150$403,956$126,236$1,152,958
6$1,767,308$424,154$132,548$1,210,606
7$1,855,673$445,362$139,176$1,271,136
8$1,948,457$467,630$146,134$1,334,693
9$2,045,880$491,011$153,441$1,401,428
10$2,148,174$515,562$161,113$1,471,499
11$2,255,583$541,340$169,169$1,545,074
12$2,368,362$568,407$177,627$1,622,328
13$2,486,780$596,827$186,508$1,703,444
14$2,611,119$626,669$195,834$1,788,616
15$2,741,675$658,002$205,626$1,878,047
16$2,878,758$690,902$215,907$1,971,950
17$3,022,696$725,447$226,702$2,070,547
18$3,173,831$761,719$238,037$2,174,074
19$3,332,523$799,805$249,939$2,282,778
20$3,499,149$839,796$262,436$2,396,917
21$3,674,106$881,786$275,558$2,516,763
22$3,857,812$925,875$289,336$2,642,601
23$4,050,702$972,169$303,803$2,774,731
24$4,253,237$1,020,777$318,993$2,913,468
25$4,465,899$1,071,816$334,942$3,059,141
26$4,689,194$1,125,407$351,690$3,212,098
27$4,923,654$1,181,677$369,274$3,372,703
28$5,169,837$1,240,761$387,738$3,541,338
29$5,428,328$1,302,799$407,125$3,718,405
30$5,699,745$1,367,939$427,481$3,904,325
Total$92,000,000$22,080,000$6,900,000$63,020,000
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