Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(8.95%)	$3,669,500
Net Lumpsum Payment	$22,200,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$118,542	$755,555
2	$1,390,752	-$474,909 -$124,472	$791,371
3	$1,460,272	-$500,631 -$130,694	$828,947
4	$1,533,312	-$527,656 -$137,231	$868,425
5	$1,609,960	-$556,016 -$144,091	$909,853
6	$1,690,480	-$585,808 -$151,298	$953,374
7	$1,774,960	-$617,066 -$158,859	$999,035
8	$1,863,752	-$649,919 -$166,806	$1,047,027
9	$1,956,944	-$684,400 -$175,146	$1,097,398
10	$2,054,800	-$720,606 -$183,905	$1,150,289
11	$2,157,496	-$758,604 -$193,096	$1,205,796
12	$2,265,384	-$798,522 -$202,752	$1,264,110
13	$2,378,640	-$840,427 -$212,888	$1,325,325
14	$2,497,616	-$884,448 -$223,537	$1,389,631
15	$2,622,488	-$930,651 -$234,713	$1,457,124
16	$2,753,608	-$979,165 -$246,448	$1,527,995
17	$2,891,240	-$1,030,089 -$258,766	$1,602,385
18	$3,035,824	-$1,083,585 -$271,706	$1,680,533
19	$3,187,624	-$1,139,751 -$285,292	$1,762,581
20	$3,346,992	-$1,198,717 -$299,556	$1,848,719
21	$3,514,368	-$1,260,647 -$314,536	$1,939,185
22	$3,690,104	-$1,325,669 -$330,264	$2,034,171
23	$3,874,552	-$1,393,915 -$346,772	$2,133,865
24	$4,068,328	-$1,465,612 -$364,115	$2,238,601
25	$4,271,696	-$1,540,858 -$382,317	$2,348,521
26	$4,485,360	-$1,619,914 -$401,440	$2,464,006
27	$4,709,584	-$1,702,876 -$421,508	$2,585,200
28	$4,945,072	-$1,790,007 -$442,584	$2,712,481
29	$5,192,352	-$1,881,501 -$464,716	$2,846,135
30	$5,451,952	-$1,977,553 -$487,950	$2,986,449