The jackpot for the Powerball draw on Wed Mar 12, 2025, is projected to be $353 Million, with an option for a cash payout of $165.7 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 Mar 12, 2025 |
|---|
| Draw Date | Wed Mar 12, 2025 | | Projected Jackpot | $353,000,000 | | Cash Value | $165,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,700,000 | | Federal Tax(24%) | $39,768,000 | | Additional Federal Tax | $21,501,330 | | State Tax(8.95%) | $14,830,150 | | Net Lumpsum Payment | $89,600,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$475,514 |
$2,911,348 |
| 2 |
$5,578,812 |
$2,024,491
$499,304 |
$3,055,017 |
| 3 |
$5,857,682 |
$2,127,673
$524,263 |
$3,205,746 |
| 4 |
$6,150,672 |
$2,236,079
$550,485 |
$3,364,108 |
| 5 |
$6,458,135 |
$2,349,840
$578,003 |
$3,530,292 |
| 6 |
$6,781,130 |
$2,469,348
$606,911 |
$3,704,871 |
| 7 |
$7,120,010 |
$2,594,734
$637,241 |
$3,888,035 |
| 8 |
$7,476,187 |
$2,726,520
$669,119 |
$4,080,548 |
| 9 |
$7,850,014 |
$2,864,836
$702,576 |
$4,282,602 |
| 10 |
$8,242,550 |
$3,010,074
$737,708 |
$4,494,768 |
| 11 |
$8,654,501 |
$3,162,496
$774,578 |
$4,717,427 |
| 12 |
$9,087,279 |
$3,322,624
$813,311 |
$4,951,344 |
| 13 |
$9,541,590 |
$3,490,719
$853,972 |
$5,196,899 |
| 14 |
$10,018,846 |
$3,667,303
$896,687 |
$5,454,856 |
| 15 |
$10,519,753 |
$3,852,639
$941,518 |
$5,725,596 |
| 16 |
$11,045,723 |
$4,047,248
$988,592 |
$6,009,883 |
| 17 |
$11,597,815 |
$4,251,522
$1,038,004 |
$6,308,289 |
| 18 |
$12,177,794 |
$4,466,114
$1,089,913 |
$6,621,767 |
| 19 |
$12,786,719 |
$4,691,416
$1,144,411 |
$6,950,892 |
| 20 |
$13,426,002 |
$4,927,951
$1,201,627 |
$7,296,424 |
| 21 |
$14,097,408 |
$5,176,371
$1,261,718 |
$7,659,319 |
| 22 |
$14,802,349 |
$5,437,200
$1,324,810 |
$8,040,339 |
| 23 |
$15,542,237 |
$5,710,958
$1,391,030 |
$8,440,249 |
| 24 |
$16,319,543 |
$5,998,561
$1,460,599 |
$8,860,383 |
| 25 |
$17,135,326 |
$6,300,401
$1,533,612 |
$9,301,313 |
| 26 |
$17,992,410 |
$6,617,522
$1,610,321 |
$9,764,567 |
| 27 |
$18,891,854 |
$6,950,316
$1,690,821 |
$10,250,717 |
| 28 |
$19,836,482 |
$7,299,829
$1,775,365 |
$10,761,288 |
| 29 |
$20,828,412 |
$7,666,843
$1,864,143 |
$11,297,426 |
| 30 |
$21,869,762 |
$8,052,142
$1,957,344 |
$11,860,276 |
|
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