The jackpot for the Powerball draw on Mon Sep 16, 2024, is projected to be $165 Million, with an option for a cash payout of $83.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Maryland residents, the state will deduct 8.95% from your lottery earnings.
| Maryland Powerball Jackpot/Cash Option for Mon Sep 16, 2024 |
|---|
| Draw Date | Mon Sep 16, 2024 | | Projected Jackpot | $165,000,000 | | Cash Value | $83,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $83,800,000 | | Federal Tax(24%) | $20,112,000 | | Additional Federal Tax | $10,854,330 | | State Tax(8.95%) | $7,500,100 | | Net Lumpsum Payment | $45,333,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,483,415 |
$879,194
$222,266 |
$1,381,955 |
| 2 |
$2,607,660 |
$925,165
$233,386 |
$1,449,109 |
| 3 |
$2,738,010 |
$973,394
$245,052 |
$1,519,564 |
| 4 |
$2,874,960 |
$1,024,066
$257,309 |
$1,593,585 |
| 5 |
$3,018,675 |
$1,077,240
$270,171 |
$1,671,264 |
| 6 |
$3,169,650 |
$1,133,101
$283,684 |
$1,752,865 |
| 7 |
$3,328,050 |
$1,191,709
$297,860 |
$1,838,481 |
| 8 |
$3,494,535 |
$1,253,308
$312,761 |
$1,928,466 |
| 9 |
$3,669,270 |
$1,317,960
$328,400 |
$2,022,910 |
| 10 |
$3,852,750 |
$1,385,848
$344,821 |
$2,122,081 |
| 11 |
$4,045,305 |
$1,457,093
$362,055 |
$2,226,157 |
| 12 |
$4,247,595 |
$1,531,941
$380,160 |
$2,335,494 |
| 13 |
$4,459,950 |
$1,610,512
$399,166 |
$2,450,272 |
| 14 |
$4,683,030 |
$1,693,051
$419,131 |
$2,570,848 |
| 15 |
$4,917,165 |
$1,779,681
$440,086 |
$2,697,398 |
| 16 |
$5,163,015 |
$1,870,646
$462,090 |
$2,830,279 |
| 17 |
$5,421,075 |
$1,966,128
$485,186 |
$2,969,761 |
| 18 |
$5,692,170 |
$2,066,433
$509,449 |
$3,116,288 |
| 19 |
$5,976,795 |
$2,171,745
$534,923 |
$3,270,127 |
| 20 |
$6,275,610 |
$2,282,306
$561,667 |
$3,431,637 |
| 21 |
$6,589,440 |
$2,398,423
$589,755 |
$3,601,262 |
| 22 |
$6,918,945 |
$2,520,340
$619,246 |
$3,779,359 |
| 23 |
$7,264,785 |
$2,648,301
$650,198 |
$3,966,286 |
| 24 |
$7,628,115 |
$2,782,733
$682,716 |
$4,162,666 |
| 25 |
$8,009,430 |
$2,923,819
$716,844 |
$4,368,767 |
| 26 |
$8,410,050 |
$3,072,049
$752,699 |
$4,585,302 |
| 27 |
$8,830,470 |
$3,227,604
$790,327 |
$4,812,539 |
| 28 |
$9,272,010 |
$3,390,974
$829,845 |
$5,051,191 |
| 29 |
$9,735,660 |
$3,562,525
$871,342 |
$5,301,793 |
| 30 |
$10,222,410 |
$3,742,622
$914,906 |
$5,564,882 |
|
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