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Powerball Annuity Jackpot Analysis for Maryland (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
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$3,702,653$888,637$277,699$2,536,317
2$3,887,786$933,069$291,584$2,663,133
3$4,082,175$979,722$306,163$2,796,290
4$4,286,284$1,028,708$321,471$2,936,104
5$4,500,598$1,080,143$337,545$3,082,909
6$4,725,628$1,134,151$354,422$3,237,055
7$4,961,909$1,190,858$372,143$3,398,908
8$5,210,005$1,250,401$390,750$3,568,853
9$5,470,505$1,312,921$410,288$3,747,296
10$5,744,030$1,378,567$430,802$3,934,661
11$6,031,232$1,447,496$452,342$4,131,394
12$6,332,793$1,519,870$474,959$4,337,963
13$6,649,433$1,595,864$498,707$4,554,862
14$6,981,905$1,675,657$523,643$4,782,605
15$7,331,000$1,759,440$549,825$5,021,735
16$7,697,550$1,847,412$577,316$5,272,822
17$8,082,427$1,939,783$606,182$5,536,463
18$8,486,549$2,036,772$636,491$5,813,286
19$8,910,876$2,138,610$668,316$6,103,950
20$9,356,420$2,245,541$701,731$6,409,148
21$9,824,241$2,357,818$736,818$6,729,605
22$10,315,453$2,475,709$773,659$7,066,085
23$10,831,226$2,599,494$812,342$7,419,389
24$11,372,787$2,729,469$852,959$7,790,359
25$11,941,426$2,865,942$895,607$8,179,877
26$12,538,497$3,009,239$940,387$8,588,871
27$13,165,422$3,159,701$987,407$9,018,314
28$13,823,693$3,317,686$1,036,777$9,469,230
29$14,514,878$3,483,571$1,088,616$9,942,691
30$15,240,622$3,657,749$1,143,047$10,439,826
Total$246,000,000$59,040,000$18,450,000$168,510,000
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