The jackpot for the Powerball draw on Wed Oct 30, 2024, is projected to be $39 Million, with an option for a cash payout of $18.6 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 30, 2024 |
|---|
| Draw Date | Wed Oct 30, 2024 | | Projected Jackpot | $39,000,000 | | Cash Value | $18,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,600,000 | | Federal Tax(24%) | $4,464,000 | | Additional Federal Tax | $2,378,330 | | State Tax(8.95%) | $1,664,700 | | Net Lumpsum Payment | $10,092,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$586,989 |
$177,516
$52,536 |
$356,937 |
| 2 |
$616,356 |
$188,382
$55,164 |
$372,810 |
| 3 |
$647,166 |
$199,782
$57,921 |
$389,463 |
| 4 |
$679,536 |
$211,759
$60,818 |
$406,959 |
| 5 |
$713,505 |
$224,327
$63,859 |
$425,319 |
| 6 |
$749,190 |
$237,531
$67,053 |
$444,606 |
| 7 |
$786,630 |
$251,383
$70,403 |
$464,844 |
| 8 |
$825,981 |
$265,943
$73,925 |
$486,113 |
| 9 |
$867,282 |
$281,225
$77,622 |
$508,435 |
| 10 |
$910,650 |
$297,271
$81,503 |
$531,876 |
| 11 |
$956,163 |
$314,111
$85,577 |
$556,475 |
| 12 |
$1,003,977 |
$331,802
$89,856 |
$582,319 |
| 13 |
$1,054,170 |
$350,373
$94,348 |
$609,449 |
| 14 |
$1,106,898 |
$369,883
$99,067 |
$637,948 |
| 15 |
$1,162,239 |
$390,359
$104,020 |
$667,860 |
| 16 |
$1,220,349 |
$411,860
$109,221 |
$699,268 |
| 17 |
$1,281,345 |
$434,428
$114,680 |
$732,237 |
| 18 |
$1,345,422 |
$458,137
$120,415 |
$766,870 |
| 19 |
$1,412,697 |
$483,028
$126,436 |
$803,233 |
| 20 |
$1,483,326 |
$509,161
$132,758 |
$841,407 |
| 21 |
$1,557,504 |
$536,607
$139,397 |
$881,500 |
| 22 |
$1,635,387 |
$565,424
$146,367 |
$923,596 |
| 23 |
$1,717,131 |
$595,669
$153,683 |
$967,779 |
| 24 |
$1,803,009 |
$627,444
$161,369 |
$1,014,196 |
| 25 |
$1,893,138 |
$660,791
$169,436 |
$1,062,911 |
| 26 |
$1,987,830 |
$695,827
$177,911 |
$1,114,092 |
| 27 |
$2,087,202 |
$732,595
$186,805 |
$1,167,802 |
| 28 |
$2,191,566 |
$771,210
$196,145 |
$1,224,211 |
| 29 |
$2,301,156 |
$811,758
$205,953 |
$1,283,445 |
| 30 |
$2,416,206 |
$854,327
$216,250 |
$1,345,629 |
|
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