USA Mega

Maryland Powerball Jackpot Annuity Payout Schedule for Aug 14, 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 $32,000,000 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, Aug 14, 2002
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$570,563$170,072$51,065$349,426
2$593,386$178,060$53,108$362,218
3$617,121$186,523$55,232$375,366
4$641,806$195,656$57,442$388,708
5$667,478$205,155$59,739$402,584
6$694,177$215,033$62,129$417,015
7$721,944$225,307$64,614$432,023
8$750,822$235,992$67,199$447,632
9$780,855$247,104$69,887$463,864
10$812,089$258,661$72,682$480,747
11$844,573$270,680$75,589$498,304
12$878,356$283,179$78,613$516,564
13$913,490$296,179$81,757$535,554
14$950,030$309,699$85,028$555,303
15$988,031$323,759$88,429$575,843
16$1,027,552$338,382$91,966$597,204
17$1,068,654$353,590$95,645$619,420
18$1,111,400$369,406$99,470$642,524
19$1,155,856$385,855$103,449$666,553
20$1,202,091$402,961$107,587$691,542
21$1,250,174$420,752$111,891$717,531
22$1,300,181$439,255$116,366$744,560
23$1,352,188$458,497$121,021$772,670
24$1,406,276$478,510$125,862$801,904
25$1,462,527$499,323$130,896$832,308
26$1,521,028$520,968$136,132$863,928
27$1,581,869$543,479$141,577$896,813
28$1,645,144$566,891$147,240$931,013
29$1,710,950$591,239$153,130$966,581
30$1,779,388$616,561$159,255$1,003,571
Total$32,000,000$10,586,728$2,864,000$18,549,273

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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.