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Powerball Annuity Jackpot Analysis for Maryland (Nov. 3, 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 $53,000,000 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. 3, 2018
Jackpot:$53,000,000
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$797,726$191,454$59,829$546,442
2$837,612$201,027$62,821$573,764
3$879,493$211,078$65,962$602,453
4$923,468$221,632$69,260$632,575
5$969,641$232,714$72,723$664,204
6$1,018,123$244,350$76,359$697,414
7$1,069,029$256,567$80,177$732,285
8$1,122,481$269,395$84,186$768,899
9$1,178,605$282,865$88,395$807,344
10$1,237,535$297,008$92,815$847,711
11$1,299,412$311,859$97,456$890,097
12$1,364,382$327,452$102,329$934,602
13$1,432,601$343,824$107,445$981,332
14$1,504,231$361,016$112,817$1,030,399
15$1,579,443$379,066$118,458$1,081,918
16$1,658,415$398,020$124,381$1,136,014
17$1,741,336$417,921$130,600$1,192,815
18$1,828,403$438,817$137,130$1,252,456
19$1,919,823$460,757$143,987$1,315,079
20$2,015,814$483,795$151,186$1,380,833
21$2,116,605$507,985$158,745$1,449,874
22$2,222,435$533,384$166,683$1,522,368
23$2,333,557$560,054$175,017$1,598,486
24$2,450,235$588,056$183,768$1,678,411
25$2,572,746$617,459$192,956$1,762,331
26$2,701,384$648,332$202,604$1,850,448
27$2,836,453$680,749$212,734$1,942,970
28$2,978,275$714,786$223,371$2,040,119
29$3,127,189$750,525$234,539$2,142,125
30$3,283,549$788,052$246,266$2,249,231
Total$53,000,000$12,720,000$3,975,000$36,305,000
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