Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 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 May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(8.95%)	$8,296,650
Net Lumpsum Payment	$50,144,020

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$273,454	$1,691,088
2	$3,208,212	-$1,147,369 -$287,135	$1,773,708
3	$3,368,582	-$1,206,706 -$301,488	$1,860,388
4	$3,537,072	-$1,269,047 -$316,568	$1,951,457
5	$3,713,885	-$1,334,468 -$332,393	$2,047,024
6	$3,899,630	-$1,403,193 -$349,017	$2,147,420
7	$4,094,510	-$1,475,299 -$366,459	$2,252,752
8	$4,299,337	-$1,551,085 -$384,791	$2,363,461
9	$4,514,314	-$1,630,627 -$404,031	$2,479,656
10	$4,740,050	-$1,714,149 -$424,234	$2,601,667
11	$4,976,951	-$1,801,802 -$445,437	$2,729,712
12	$5,225,829	-$1,893,887 -$467,712	$2,864,230
13	$5,487,090	-$1,990,554 -$491,095	$3,005,441
14	$5,761,546	-$2,092,102 -$515,658	$3,153,786
15	$6,049,603	-$2,198,683 -$541,439	$3,309,481
16	$6,352,073	-$2,310,597 -$568,511	$3,472,965
17	$6,669,565	-$2,428,069 -$596,926	$3,644,570
18	$7,003,094	-$2,551,475 -$626,777	$3,824,842
19	$7,353,269	-$2,681,040 -$658,118	$4,014,111
20	$7,720,902	-$2,817,064 -$691,021	$4,212,817
21	$8,107,008	-$2,959,923 -$725,577	$4,421,508
22	$8,512,399	-$3,109,918 -$761,860	$4,640,621
23	$8,937,887	-$3,267,349 -$799,941	$4,870,597
24	$9,384,893	-$3,432,741 -$839,948	$5,112,204
25	$9,854,026	-$3,606,320 -$881,935	$5,365,771
26	$10,346,910	-$3,788,687 -$926,048	$5,632,175
27	$10,864,154	-$3,980,067 -$972,342	$5,911,745
28	$11,407,382	-$4,181,062 -$1,020,961	$6,205,359
29	$11,977,812	-$4,392,121 -$1,072,014	$6,513,677
30	$12,576,662	-$4,613,695 -$1,125,611	$6,837,356