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Powerball Annuity Jackpot Analysis for Maryland (Jul. 29, 2020 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 $126,000,000 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. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:8.00% (For an out-of-state resident)
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$151,718$1,289,607
2$1,991,305$477,913$159,304$1,354,087
3$2,090,870$501,809$167,270$1,421,792
4$2,195,414$526,899$175,633$1,492,881
5$2,305,184$553,244$184,415$1,567,525
6$2,420,443$580,906$193,635$1,645,902
7$2,541,466$609,952$203,317$1,728,197
8$2,668,539$640,449$213,483$1,814,607
9$2,801,966$672,472$224,157$1,905,337
10$2,942,064$706,095$235,365$2,000,604
11$3,089,167$741,400$247,133$2,100,634
12$3,243,626$778,470$259,490$2,205,666
13$3,405,807$817,394$272,465$2,315,949
14$3,576,097$858,263$286,088$2,431,746
15$3,754,902$901,177$300,392$2,553,334
16$3,942,647$946,235$315,412$2,681,000
17$4,139,780$993,547$331,182$2,815,050
18$4,346,769$1,043,225$347,742$2,955,803
19$4,564,107$1,095,386$365,129$3,103,593
20$4,792,313$1,150,155$383,385$3,258,773
21$5,031,928$1,207,663$402,554$3,421,711
22$5,283,525$1,268,046$422,682$3,592,797
23$5,547,701$1,331,448$443,816$3,772,437
24$5,825,086$1,398,021$466,007$3,961,058
25$6,116,340$1,467,922$489,307$4,159,111
26$6,422,157$1,541,318$513,773$4,367,067
27$6,743,265$1,618,384$539,461$4,585,420
28$7,080,428$1,699,303$566,434$4,814,691
29$7,434,450$1,784,268$594,756$5,055,426
30$7,806,172$1,873,481$624,494$5,308,197
Total$126,000,000$30,240,000$10,080,000$85,680,000
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