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Powerball Annuity Jackpot Analysis for Maryland (Apr. 3, 2019 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 $54,000,000 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:  Apr. 3, 2019
Jackpot:$54,000,000
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$812,777$195,067$60,958$556,753
2$853,416$204,820$64,006$584,590
3$896,087$215,061$67,207$613,820
4$940,892$225,814$70,567$644,511
5$987,936$237,105$74,095$676,736
6$1,037,333$248,960$77,800$710,573
7$1,089,200$261,408$81,690$746,102
8$1,143,660$274,478$85,774$783,407
9$1,200,843$288,202$90,063$822,577
10$1,260,885$302,612$94,566$863,706
11$1,323,929$317,743$99,295$906,891
12$1,390,125$333,630$104,259$952,236
13$1,459,632$350,312$109,472$999,848
14$1,532,613$367,827$114,946$1,049,840
15$1,609,244$386,219$120,693$1,102,332
16$1,689,706$405,529$126,728$1,157,449
17$1,774,191$425,806$133,064$1,215,321
18$1,862,901$447,096$139,718$1,276,087
19$1,956,046$469,451$146,703$1,339,891
20$2,053,848$492,924$154,039$1,406,886
21$2,156,541$517,570$161,741$1,477,230
22$2,264,368$543,448$169,828$1,551,092
23$2,377,586$570,621$178,319$1,628,646
24$2,496,465$599,152$187,235$1,710,079
25$2,621,289$629,109$196,597$1,795,583
26$2,752,353$660,565$206,426$1,885,362
27$2,889,971$693,593$216,748$1,979,630
28$3,034,469$728,273$227,585$2,078,611
29$3,186,193$764,686$238,964$2,182,542
30$3,345,502$802,921$250,913$2,291,669
Total$54,000,000$12,960,000$4,050,000$36,990,000
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