USA Mega

Maryland Powerball Jackpot Annuity Payout Schedule for Oct 2, 2023

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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 $1,066,200,000 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:Mon, Oct 2, 2023
Jackpot:$1,066,200,000
Federal Tax:37% marginal rate
State Tax: 8.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$16,047,840$5,895,889$1,436,282$8,715,670
2$16,850,232$6,192,774$1,508,096$9,149,363
3$17,692,744$6,504,503$1,583,501$9,604,740
4$18,577,381$6,831,819$1,662,676$10,082,887
5$19,506,249$7,175,500$1,745,809$10,584,940
6$20,481,562$7,536,366$1,833,100$11,112,097
7$21,505,641$7,915,275$1,924,755$11,665,611
8$22,580,923$8,313,129$2,020,993$12,246,801
9$23,709,969$8,730,876$2,122,042$12,857,051
10$24,895,467$9,169,511$2,228,144$13,497,812
11$26,140,241$9,630,077$2,339,552$14,170,612
12$27,447,253$10,113,671$2,456,529$14,877,052
13$28,819,615$10,621,445$2,579,356$15,618,814
14$30,260,596$11,154,608$2,708,323$16,397,665
15$31,773,626$11,714,429$2,843,740$17,215,457
16$33,362,307$12,302,242$2,985,927$18,074,139
17$35,030,422$12,919,444$3,135,223$18,975,755
18$36,781,944$13,567,507$3,291,984$19,922,453
19$38,621,040$14,247,973$3,456,583$20,916,485
20$40,552,093$14,962,462$3,629,412$21,960,218
21$42,579,697$15,712,676$3,810,883$23,056,139
22$44,708,682$16,500,400$4,001,427$24,206,855
23$46,944,116$17,327,511$4,201,498$25,415,107
24$49,291,322$18,195,977$4,411,573$26,683,772
25$51,755,888$19,107,866$4,632,152$28,015,870
26$54,343,683$20,065,350$4,863,760$29,414,573
27$57,060,867$21,070,709$5,106,948$30,883,211
28$59,913,910$22,126,334$5,362,295$32,425,280
29$62,909,605$23,234,742$5,630,410$34,044,454
30$66,055,086$24,398,570$5,911,930$35,744,586
Total$1,066,200,002$393,239,635$95,424,903$577,535,469

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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.