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Powerball Annuity Jackpot Analysis for Maryland (Sep. 23, 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$29,636$222,024
2$347,688$83,445$31,118$233,125
3$365,073$87,617$32,674$244,781
4$383,326$91,998$34,308$257,020
5$402,492$96,598$36,023$269,871
6$422,617$101,428$37,824$283,365
7$443,748$106,500$39,715$297,533
8$465,935$111,824$41,701$312,410
9$489,232$117,416$43,786$328,030
10$513,694$123,287$45,976$344,432
11$539,378$129,451$48,274$361,653
12$566,347$135,923$50,688$379,736
13$594,665$142,720$53,222$398,723
14$624,398$149,856$55,884$418,659
15$655,618$157,348$58,678$439,592
16$688,399$165,216$61,612$461,571
17$722,819$173,476$64,692$484,650
18$758,960$182,150$67,927$508,882
19$796,908$191,258$71,323$534,327
20$836,753$200,821$74,889$561,043
21$878,591$210,862$78,634$589,095
22$922,520$221,405$82,566$618,550
23$968,646$232,475$86,694$649,477
24$1,017,078$244,099$91,029$681,951
25$1,067,932$256,304$95,580$716,049
26$1,121,329$269,119$100,359$751,851
27$1,177,395$282,575$105,377$789,444
28$1,236,265$296,704$110,646$828,916
29$1,298,079$311,539$116,178$870,362
30$1,362,982$327,116$121,987$913,880
Total$22,000,000$5,280,000$1,969,000$14,751,000
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