USA Mega

Maryland Powerball Jackpot Annuity Payout Schedule for Jul 31, 2002

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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 $14,000,000 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, Jul 31, 2002
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$249,621$57,742$22,341$169,538
2$259,606$61,237$23,235$175,135
3$269,990$64,871$24,164$180,955
4$280,790$68,651$25,131$187,008
5$292,022$72,582$26,136$193,303
6$303,703$76,671$27,181$199,851
7$315,851$80,922$28,269$206,660
8$328,485$85,344$29,399$213,741
9$341,624$89,943$30,575$221,106
10$355,289$94,726$31,798$228,765
11$369,501$99,700$33,070$236,730
12$384,281$104,873$34,393$245,015
13$399,652$110,253$35,769$253,630
14$415,638$115,848$37,200$262,590
15$432,263$121,667$38,688$271,909
16$449,554$127,719$40,235$281,600
17$467,536$134,012$41,844$291,679
18$486,238$140,558$43,518$302,161
19$505,687$147,365$45,259$313,063
20$525,915$154,445$47,069$324,400
21$546,951$161,808$48,952$336,191
22$568,829$169,465$50,910$348,454
23$591,582$177,429$52,947$361,207
24$615,246$185,829$55,064$374,353
25$639,856$194,934$57,267$387,654
26$665,450$204,404$59,558$401,488
27$692,068$214,253$61,940$415,875
28$719,750$224,495$64,418$430,837
29$748,540$235,148$66,994$446,398
30$778,482$246,226$69,674$462,582
Total$14,000,000$4,023,120$1,252,998$8,723,878

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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.