Jackpot Analysis Maryland Powerball

Jackpot Analysis for Maryland Powerball
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 DateWed 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