Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 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 May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
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

Year	Gross Payment	Fed/State Tax	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