The jackpot for the Powerball draw on Wed Oct 7, 2026, is projected to be $485 Million, with an option for a cash payout of $199.8 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 Wed Oct 7, 2026 |
|---|
| Draw Date | Wed Oct 7, 2026 | | Projected Jackpot | $485,000,000 | | Cash Value | $199,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $199,800,000 | | Federal Tax(24%) | $47,952,000 | | Additional Federal Tax | $25,934,330 | | State Tax(8.95%) | $17,882,100 | | Net Lumpsum Payment | $108,031,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,299,735 |
$2,661,232
$653,326 |
$3,985,177 |
| 2 |
$7,664,940 |
$2,796,358
$686,012 |
$4,182,570 |
| 3 |
$8,048,090 |
$2,938,124
$720,304 |
$4,389,662 |
| 4 |
$8,450,640 |
$3,087,067
$756,332 |
$4,607,241 |
| 5 |
$8,873,075 |
$3,243,368
$794,140 |
$4,835,567 |
| 6 |
$9,316,850 |
$3,407,565
$833,858 |
$5,075,427 |
| 7 |
$9,782,450 |
$3,579,837
$875,529 |
$5,327,084 |
| 8 |
$10,271,815 |
$3,760,902
$919,327 |
$5,591,586 |
| 9 |
$10,785,430 |
$3,950,939
$965,296 |
$5,869,195 |
| 10 |
$11,324,750 |
$4,150,488
$1,013,565 |
$6,160,697 |
| 11 |
$11,890,745 |
$4,359,906
$1,064,222 |
$6,466,617 |
| 12 |
$12,485,355 |
$4,579,912
$1,117,439 |
$6,788,004 |
| 13 |
$13,109,550 |
$4,810,864
$1,173,305 |
$7,125,381 |
| 14 |
$13,765,270 |
$5,053,480
$1,231,992 |
$7,479,798 |
| 15 |
$14,453,485 |
$5,308,120
$1,293,587 |
$7,851,778 |
| 16 |
$15,176,135 |
$5,575,500
$1,358,264 |
$8,242,371 |
| 17 |
$15,934,675 |
$5,856,160
$1,426,153 |
$8,652,362 |
| 18 |
$16,731,530 |
$6,150,996
$1,497,472 |
$9,083,062 |
| 19 |
$17,568,155 |
$6,460,548
$1,572,350 |
$9,535,257 |
| 20 |
$18,446,490 |
$6,785,532
$1,650,961 |
$10,009,997 |
| 21 |
$19,368,960 |
$7,126,846
$1,733,522 |
$10,508,592 |
| 22 |
$20,337,505 |
$7,485,207
$1,820,207 |
$11,032,091 |
| 23 |
$21,354,065 |
$7,861,334
$1,911,189 |
$11,581,542 |
| 24 |
$22,422,035 |
$8,256,483
$2,006,772 |
$12,158,780 |
| 25 |
$23,542,870 |
$8,671,192
$2,107,087 |
$12,764,591 |
| 26 |
$24,720,450 |
$9,106,897
$2,212,480 |
$13,401,073 |
| 27 |
$25,956,230 |
$9,564,135
$2,323,083 |
$14,069,012 |
| 28 |
$27,254,090 |
$10,044,344
$2,439,241 |
$14,770,505 |
| 29 |
$28,616,940 |
$10,548,598
$2,561,216 |
$15,507,126 |
| 30 |
$30,047,690 |
$11,077,976
$2,689,268 |
$16,280,446 |
|
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