The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Maryland residents, the state will deduct 8.95% from your lottery earnings.
| Maryland Powerball Jackpot/Cash Option for Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(8.95%) | $3,705,300 | | Net Lumpsum Payment | $22,416,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$118,542 |
$755,555 |
| 2 |
$1,390,752 |
$474,909
$124,472 |
$791,371 |
| 3 |
$1,460,272 |
$500,631
$130,694 |
$828,947 |
| 4 |
$1,533,312 |
$527,656
$137,231 |
$868,425 |
| 5 |
$1,609,960 |
$556,016
$144,091 |
$909,853 |
| 6 |
$1,690,480 |
$585,808
$151,298 |
$953,374 |
| 7 |
$1,774,960 |
$617,066
$158,859 |
$999,035 |
| 8 |
$1,863,752 |
$649,919
$166,806 |
$1,047,027 |
| 9 |
$1,956,944 |
$684,400
$175,146 |
$1,097,398 |
| 10 |
$2,054,800 |
$720,606
$183,905 |
$1,150,289 |
| 11 |
$2,157,496 |
$758,604
$193,096 |
$1,205,796 |
| 12 |
$2,265,384 |
$798,522
$202,752 |
$1,264,110 |
| 13 |
$2,378,640 |
$840,427
$212,888 |
$1,325,325 |
| 14 |
$2,497,616 |
$884,448
$223,537 |
$1,389,631 |
| 15 |
$2,622,488 |
$930,651
$234,713 |
$1,457,124 |
| 16 |
$2,753,608 |
$979,165
$246,448 |
$1,527,995 |
| 17 |
$2,891,240 |
$1,030,089
$258,766 |
$1,602,385 |
| 18 |
$3,035,824 |
$1,083,585
$271,706 |
$1,680,533 |
| 19 |
$3,187,624 |
$1,139,751
$285,292 |
$1,762,581 |
| 20 |
$3,346,992 |
$1,198,717
$299,556 |
$1,848,719 |
| 21 |
$3,514,368 |
$1,260,647
$314,536 |
$1,939,185 |
| 22 |
$3,690,104 |
$1,325,669
$330,264 |
$2,034,171 |
| 23 |
$3,874,552 |
$1,393,915
$346,772 |
$2,133,865 |
| 24 |
$4,068,328 |
$1,465,612
$364,115 |
$2,238,601 |
| 25 |
$4,271,696 |
$1,540,858
$382,317 |
$2,348,521 |
| 26 |
$4,485,360 |
$1,619,914
$401,440 |
$2,464,006 |
| 27 |
$4,709,584 |
$1,702,876
$421,508 |
$2,585,200 |
| 28 |
$4,945,072 |
$1,790,007
$442,584 |
$2,712,481 |
| 29 |
$5,192,352 |
$1,881,501
$464,716 |
$2,846,135 |
| 30 |
$5,451,952 |
$1,977,553
$487,950 |
$2,986,449 |
|
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