USA Mega

Maryland Powerball Jackpot Annuity Payout Schedule for Oct 15, 1997

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $22,500,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Maryland

Drawing Date:Wed, Oct 15, 1997
Jackpot:$22,500,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$401,177$110,787$35,905$254,485
2$417,224$116,403$37,342$263,479
3$433,913$122,244$38,835$272,834
4$451,270$128,319$40,389$282,562
5$469,321$134,637$42,004$292,679
6$488,093$141,207$43,684$303,202
7$507,617$148,041$45,432$314,145
8$527,922$155,147$47,249$325,525
9$549,039$162,538$49,139$337,361
10$571,000$170,225$51,105$349,671
11$593,840$178,219$53,149$362,473
12$617,594$186,697$55,275$375,622
13$642,298$195,838$57,486$388,974
14$667,990$205,344$59,785$402,861
15$694,709$215,230$62,176$417,303
16$722,498$225,512$64,664$432,322
17$751,397$236,205$67,250$447,943
18$781,453$247,325$69,940$464,188
19$812,711$258,891$72,738$481,083
20$845,220$270,919$75,647$498,654
21$879,029$283,428$78,673$516,927
22$914,190$296,438$81,820$535,932
23$950,757$309,968$85,093$555,697
24$988,788$324,039$88,497$576,252
25$1,028,339$338,673$92,036$597,630
26$1,069,473$353,893$95,718$619,862
27$1,112,252$369,721$99,547$642,984
28$1,156,742$386,182$103,528$667,031
29$1,203,011$403,302$107,670$692,040
30$1,251,132$421,107$111,976$718,049
Total$22,500,000$7,096,479$2,013,752$13,389,770

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.