Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(8.95%)	$1,235,100
Net Lumpsum Payment	$7,498,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$41,759	$291,857
2	$489,924	-$141,602 -$43,848	$304,474
3	$514,414	-$150,664 -$46,040	$317,710
4	$540,144	-$160,184 -$48,343	$331,617
5	$567,145	-$170,174 -$50,759	$346,212
6	$595,510	-$180,669 -$53,298	$361,543
7	$625,270	-$191,680 -$55,962	$377,628
8	$656,549	-$203,254 -$58,761	$394,534
9	$689,378	-$215,400 -$61,699	$412,279
10	$723,850	-$228,155 -$64,785	$430,910
11	$760,027	-$241,540 -$68,022	$450,465
12	$798,033	-$255,603 -$71,424	$471,006
13	$837,930	-$270,364 -$74,995	$492,571
14	$879,842	-$285,872 -$78,746	$515,224
15	$923,831	-$302,148 -$82,683	$539,000
16	$970,021	-$319,238 -$86,817	$563,966
17	$1,018,505	-$337,177 -$91,156	$590,172
18	$1,069,438	-$356,022 -$95,715	$617,701
19	$1,122,913	-$375,808 -$100,501	$646,604
20	$1,179,054	-$396,580 -$105,525	$676,949
21	$1,238,016	-$418,396 -$110,802	$708,818
22	$1,299,923	-$441,302 -$116,343	$742,278
23	$1,364,899	-$465,343 -$122,158	$777,398
24	$1,433,161	-$490,600 -$128,268	$814,293
25	$1,504,802	-$517,107 -$134,680	$853,015
26	$1,580,070	-$544,956 -$141,416	$893,698
27	$1,659,058	-$574,182 -$148,486	$936,390
28	$1,742,014	-$604,876 -$155,910	$981,228
29	$1,829,124	-$637,106 -$163,707	$1,028,311
30	$1,920,574	-$670,943 -$171,891	$1,077,740