Maryland Lottery

MDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(8.95%)	$4,779,300
Net Lumpsum Payment	$28,902,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$152,218	$958,932
2	$1,785,852	-$621,096 -$159,834	$1,004,922
3	$1,875,122	-$654,126 -$167,823	$1,053,173
4	$1,968,912	-$688,828 -$176,218	$1,103,866
5	$2,067,335	-$725,244 -$185,026	$1,157,065
6	$2,170,730	-$763,500 -$194,280	$1,212,950
7	$2,279,210	-$803,638 -$203,989	$1,271,583
8	$2,393,227	-$845,824 -$214,194	$1,333,209
9	$2,512,894	-$890,101 -$224,904	$1,397,889
10	$2,638,550	-$936,594 -$236,150	$1,465,806
11	$2,770,421	-$985,386 -$247,953	$1,537,082
12	$2,908,959	-$1,036,645 -$260,352	$1,611,962
13	$3,054,390	-$1,090,455 -$273,368	$1,690,567
14	$3,207,166	-$1,146,982 -$287,041	$1,773,143
15	$3,367,513	-$1,206,310 -$301,392	$1,859,811
16	$3,535,883	-$1,268,607 -$316,462	$1,950,814
17	$3,712,615	-$1,333,998 -$332,279	$2,046,338
18	$3,898,274	-$1,402,692 -$348,896	$2,146,686
19	$4,093,199	-$1,474,814 -$366,341	$2,252,044
20	$4,297,842	-$1,550,532 -$384,657	$2,362,653
21	$4,512,768	-$1,630,055 -$403,893	$2,478,820
22	$4,738,429	-$1,713,549 -$424,089	$2,600,791
23	$4,975,277	-$1,801,183 -$445,287	$2,728,807
24	$5,224,103	-$1,893,248 -$467,557	$2,863,298
25	$5,485,246	-$1,989,871 -$490,930	$3,004,445
26	$5,759,610	-$2,091,386 -$515,485	$3,152,739
27	$6,047,534	-$2,197,918 -$541,254	$3,308,362
28	$6,349,922	-$2,309,802 -$568,318	$3,471,802
29	$6,667,452	-$2,427,288 -$596,737	$3,643,427
30	$7,000,802	-$2,550,627 -$626,572	$3,823,603