Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Maryland, your state will take 8.95% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Maryland Powerball Jackpot/Cash Option for Sat Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(8.95%)	$10,534,150
Net Lumpsum Payment	$63,656,520

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$354,278	$2,179,192
2	$4,156,452	-$1,498,218 -$372,002	$2,286,232
3	$4,364,222	-$1,575,093 -$390,598	$2,398,531
4	$4,582,512	-$1,655,860 -$410,135	$2,516,517
5	$4,811,585	-$1,740,617 -$430,637	$2,640,331
6	$5,052,230	-$1,829,655 -$452,175	$2,770,400
7	$5,304,710	-$1,923,073 -$474,772	$2,906,865
8	$5,570,077	-$2,021,259 -$498,522	$3,050,296
9	$5,848,594	-$2,124,310 -$523,449	$3,200,835
10	$6,141,050	-$2,232,519 -$549,624	$3,358,907
11	$6,447,971	-$2,346,080 -$577,093	$3,524,798
12	$6,770,409	-$2,465,382 -$605,952	$3,699,075
13	$7,108,890	-$2,590,620 -$636,246	$3,882,024
14	$7,464,466	-$2,722,183 -$668,070	$4,074,213
15	$7,837,663	-$2,860,266 -$701,471	$4,275,926
16	$8,229,533	-$3,005,258 -$736,543	$4,487,732
17	$8,640,865	-$3,157,450 -$773,357	$4,710,058
18	$9,072,974	-$3,317,331 -$812,031	$4,943,612
19	$9,526,649	-$3,485,191 -$852,635	$5,188,823
20	$10,002,942	-$3,661,419 -$895,263	$5,446,260
21	$10,503,168	-$3,846,503 -$940,034	$5,716,631
22	$11,028,379	-$4,040,831 -$987,040	$6,000,508
23	$11,579,627	-$4,244,792 -$1,036,377	$6,298,458
24	$12,158,753	-$4,459,069 -$1,088,208	$6,611,476
25	$12,766,546	-$4,683,952 -$1,142,606	$6,939,988
26	$13,405,110	-$4,920,221 -$1,199,757	$7,285,132
27	$14,075,234	-$5,168,167 -$1,259,733	$7,647,334
28	$14,779,022	-$5,428,569 -$1,322,722	$8,027,731
29	$15,518,052	-$5,702,010 -$1,388,866	$8,427,176
30	$16,293,902	-$5,989,074 -$1,458,304	$8,846,524