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Powerball Annuity Jackpot Analysis for Maryland (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$130,669$978,923
2$1,532,989$367,917$137,202$1,027,869
3$1,609,638$386,313$144,063$1,079,262
4$1,690,120$405,629$151,266$1,133,225
5$1,774,626$425,910$158,829$1,189,887
6$1,863,357$447,206$166,770$1,249,381
7$1,956,525$469,566$175,109$1,311,850
8$2,054,351$493,044$183,864$1,377,443
9$2,157,069$517,697$193,058$1,446,315
10$2,264,922$543,581$202,711$1,518,631
11$2,378,169$570,760$212,846$1,594,562
12$2,497,077$599,298$223,488$1,674,290
13$2,621,931$629,263$234,663$1,758,005
14$2,753,027$660,727$246,396$1,845,905
15$2,890,679$693,763$258,716$1,938,200
16$3,035,213$728,451$271,652$2,035,110
17$3,186,973$764,874$285,234$2,136,866
18$3,346,322$803,117$299,496$2,243,709
19$3,513,638$843,273$314,471$2,355,894
20$3,689,320$885,437$330,194$2,473,689
21$3,873,786$929,709$346,704$2,597,374
22$4,067,475$976,194$364,039$2,727,242
23$4,270,849$1,025,004$382,241$2,863,604
24$4,484,391$1,076,254$401,353$3,006,784
25$4,708,611$1,130,067$421,421$3,157,124
26$4,944,042$1,186,570$442,492$3,314,980
27$5,191,244$1,245,899$464,616$3,480,729
28$5,450,806$1,308,193$487,847$3,654,765
29$5,723,346$1,373,603$512,239$3,837,504
30$6,009,514$1,442,283$537,851$4,029,379
Total$97,000,000$23,280,000$8,681,500$65,038,500
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