The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 Sat May 11, 2024 |
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Draw Date | Sat May 11, 2024 | Projected Jackpot | $36,000,000 | Cash Value | $16,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $16,800,000 | Federal Tax(24%) | $4,032,000 | Additional Federal Tax | $2,144,330 | State Tax(8.95%) | $1,503,600 | Net Lumpsum Payment | $9,120,070 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$541,836 |
$160,810 $48,494 |
$332,532 |
2 |
$568,944 |
$170,840 $50,920 |
$347,184 |
3 |
$597,384 |
$181,362 $53,466 |
$362,556 |
4 |
$627,264 |
$192,418 $56,140 |
$378,706 |
5 |
$658,620 |
$204,020 $58,946 |
$395,654 |
6 |
$691,560 |
$216,208 $61,895 |
$413,457 |
7 |
$726,120 |
$228,995 $64,988 |
$432,137 |
8 |
$762,444 |
$242,435 $68,239 |
$451,770 |
9 |
$800,568 |
$256,541 $71,651 |
$472,376 |
10 |
$840,600 |
$271,352 $75,234 |
$494,014 |
11 |
$882,612 |
$286,897 $78,994 |
$516,721 |
12 |
$926,748 |
$303,227 $82,944 |
$540,577 |
13 |
$973,080 |
$320,370 $87,091 |
$565,619 |
14 |
$1,021,752 |
$338,379 $91,447 |
$591,926 |
15 |
$1,072,836 |
$357,280 $96,019 |
$619,537 |
16 |
$1,126,476 |
$377,127 $100,820 |
$648,529 |
17 |
$1,182,780 |
$397,959 $105,859 |
$678,962 |
18 |
$1,241,928 |
$419,844 $111,153 |
$710,931 |
19 |
$1,304,028 |
$442,821 $116,711 |
$744,496 |
20 |
$1,369,224 |
$466,943 $122,546 |
$779,735 |
21 |
$1,437,696 |
$492,278 $128,674 |
$816,744 |
22 |
$1,509,588 |
$518,878 $135,108 |
$855,602 |
23 |
$1,585,044 |
$546,797 $141,861 |
$896,386 |
24 |
$1,664,316 |
$576,127 $148,956 |
$939,233 |
25 |
$1,747,512 |
$606,910 $156,402 |
$984,200 |
26 |
$1,834,920 |
$639,251 $164,225 |
$1,031,444 |
27 |
$1,926,648 |
$673,190 $172,435 |
$1,081,023 |
28 |
$2,022,984 |
$708,834 $181,057 |
$1,133,093 |
29 |
$2,124,144 |
$746,264 $190,111 |
$1,187,769 |
30 |
$2,230,344 |
$785,558 $199,616 |
$1,245,170 |
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