Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(8.95%)	$8,869,450
Net Lumpsum Payment	$53,603,220

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$262,678	$1,626,007
2	$3,081,780	-$1,100,589 -$275,819	$1,705,372
3	$3,235,830	-$1,157,587 -$289,607	$1,788,636
4	$3,397,680	-$1,217,472 -$304,092	$1,876,116
5	$3,567,525	-$1,280,315 -$319,293	$1,967,917
6	$3,745,950	-$1,346,332 -$335,263	$2,064,355
7	$3,933,150	-$1,415,596 -$352,017	$2,165,537
8	$4,129,905	-$1,488,395 -$369,626	$2,271,884
9	$4,336,410	-$1,564,802 -$388,109	$2,383,499
10	$4,553,250	-$1,645,033 -$407,516	$2,500,701
11	$4,780,815	-$1,729,232 -$427,883	$2,623,700
12	$5,019,885	-$1,817,688 -$449,280	$2,752,917
13	$5,270,850	-$1,910,545 -$471,741	$2,888,564
14	$5,534,490	-$2,008,092 -$495,337	$3,031,061
15	$5,811,195	-$2,110,473 -$520,102	$3,180,620
16	$6,101,745	-$2,217,976 -$546,106	$3,337,663
17	$6,406,725	-$2,330,819 -$573,402	$3,502,504
18	$6,727,110	-$2,449,361 -$602,076	$3,675,673
19	$7,063,485	-$2,573,820 -$632,182	$3,857,483
20	$7,416,630	-$2,704,483 -$663,788	$4,048,359
21	$7,787,520	-$2,841,713 -$696,983	$4,248,824
22	$8,176,935	-$2,985,796 -$731,836	$4,459,303
23	$8,585,655	-$3,137,023 -$768,416	$4,680,216
24	$9,015,045	-$3,295,897 -$806,847	$4,912,301
25	$9,465,690	-$3,462,636 -$847,179	$5,155,875
26	$9,939,150	-$3,637,816 -$889,554	$5,411,780
27	$10,436,010	-$3,821,654 -$934,023	$5,680,333
28	$10,957,830	-$4,014,727 -$980,726	$5,962,377
29	$11,505,780	-$4,217,469 -$1,029,767	$6,258,544
30	$12,081,030	-$4,430,311 -$1,081,252	$6,569,467