USA Mega

Maryland Powerball Jackpot Annuity Payout Schedule for Oct 11, 2008

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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 $20,000,000 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:Sat, Oct 11, 2008
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$356,602$95,185$31,916$229,501
2$370,866$100,178$33,193$237,496
3$385,701$105,370$34,520$245,810
4$401,129$110,770$35,901$254,458
5$417,174$116,386$37,337$263,451
6$433,861$122,226$38,831$272,804
7$451,215$128,300$40,384$282,531
8$469,264$134,617$41,999$292,648
9$488,034$141,187$43,679$303,169
10$507,556$148,019$45,426$314,110
11$527,858$155,125$47,243$325,490
12$548,972$162,515$49,133$337,324
13$570,931$170,201$51,098$349,632
14$593,769$178,194$53,142$362,433
15$617,519$186,670$55,268$375,581
16$642,220$195,809$57,479$388,932
17$667,909$205,314$59,778$402,817
18$694,625$215,199$62,169$417,257
19$722,410$225,480$64,656$432,275
20$751,307$236,171$67,242$447,893
21$781,359$247,291$69,932$464,137
22$812,613$258,855$72,729$481,030
23$845,118$270,881$75,638$498,598
24$878,922$283,389$78,664$516,870
25$914,079$296,397$81,810$535,872
26$950,643$309,925$85,083$555,635
27$988,668$323,995$88,486$576,187
28$1,028,215$338,627$92,025$597,562
29$1,069,344$353,845$95,706$619,792
30$1,112,117$369,671$99,534$642,912
Total$20,000,000$6,185,792$1,790,001$12,024,207

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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.