The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Sat Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(8.95%) | $8,860,500 | | Net Lumpsum Payment | $53,549,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$288,272 |
$1,780,573 |
| 2 |
$3,382,056 |
$1,211,691
$302,694 |
$1,867,671 |
| 3 |
$3,551,116 |
$1,274,243
$317,825 |
$1,959,048 |
| 4 |
$3,728,736 |
$1,339,963
$333,722 |
$2,055,051 |
| 5 |
$3,915,130 |
$1,408,928
$350,404 |
$2,155,798 |
| 6 |
$4,110,940 |
$1,481,378
$367,929 |
$2,261,633 |
| 7 |
$4,316,380 |
$1,557,391
$386,316 |
$2,372,673 |
| 8 |
$4,532,306 |
$1,637,284
$405,641 |
$2,489,381 |
| 9 |
$4,758,932 |
$1,721,135
$425,924 |
$2,611,873 |
| 10 |
$4,996,900 |
$1,809,183
$447,223 |
$2,740,494 |
| 11 |
$5,246,638 |
$1,901,586
$469,574 |
$2,875,478 |
| 12 |
$5,509,002 |
$1,998,661
$493,056 |
$3,017,285 |
| 13 |
$5,784,420 |
$2,100,566
$517,706 |
$3,166,148 |
| 14 |
$6,073,748 |
$2,207,617
$543,600 |
$3,322,531 |
| 15 |
$6,377,414 |
$2,319,974
$570,779 |
$3,486,661 |
| 16 |
$6,696,274 |
$2,437,952
$599,317 |
$3,659,005 |
| 17 |
$7,030,970 |
$2,561,789
$629,272 |
$3,839,909 |
| 18 |
$7,382,572 |
$2,691,882
$660,740 |
$4,029,950 |
| 19 |
$7,751,722 |
$2,828,468
$693,779 |
$4,229,475 |
| 20 |
$8,139,276 |
$2,971,863
$728,465 |
$4,438,948 |
| 21 |
$8,546,304 |
$3,122,463
$764,894 |
$4,658,947 |
| 22 |
$8,973,662 |
$3,280,585
$803,143 |
$4,889,934 |
| 23 |
$9,422,206 |
$3,446,547
$843,287 |
$5,132,372 |
| 24 |
$9,893,434 |
$3,620,901
$885,462 |
$5,387,071 |
| 25 |
$10,387,988 |
$3,803,886
$929,725 |
$5,654,377 |
| 26 |
$10,907,580 |
$3,996,135
$976,228 |
$5,935,217 |
| 27 |
$11,452,852 |
$4,197,886
$1,025,030 |
$6,229,936 |
| 28 |
$12,025,516 |
$4,409,771
$1,076,284 |
$6,539,461 |
| 29 |
$12,626,856 |
$4,632,267
$1,130,104 |
$6,864,485 |
| 30 |
$13,258,156 |
$4,865,848
$1,186,605 |
$7,205,703 |
|
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