The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 Wed Jul 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(8.95%) | $10,713,150 | | Net Lumpsum Payment | $64,737,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$355,625 |
$2,187,327 |
| 2 |
$4,172,256 |
$1,504,065
$373,417 |
$2,294,774 |
| 3 |
$4,380,816 |
$1,581,232
$392,083 |
$2,407,501 |
| 4 |
$4,599,936 |
$1,662,307
$411,694 |
$2,525,935 |
| 5 |
$4,829,880 |
$1,747,386
$432,274 |
$2,650,220 |
| 6 |
$5,071,440 |
$1,836,763
$453,894 |
$2,780,783 |
| 7 |
$5,324,880 |
$1,930,536
$476,577 |
$2,917,767 |
| 8 |
$5,591,256 |
$2,029,095
$500,417 |
$3,061,744 |
| 9 |
$5,870,832 |
$2,132,538
$525,439 |
$3,212,855 |
| 10 |
$6,164,400 |
$2,241,158
$551,714 |
$3,371,528 |
| 11 |
$6,472,488 |
$2,355,151
$579,288 |
$3,538,049 |
| 12 |
$6,796,152 |
$2,474,907
$608,256 |
$3,712,989 |
| 13 |
$7,135,920 |
$2,600,621
$638,665 |
$3,896,634 |
| 14 |
$7,492,848 |
$2,732,684
$670,610 |
$4,089,554 |
| 15 |
$7,867,464 |
$2,871,292
$704,138 |
$4,292,034 |
| 16 |
$8,260,824 |
$3,016,835
$739,344 |
$4,504,645 |
| 17 |
$8,673,720 |
$3,169,607
$776,298 |
$4,727,815 |
| 18 |
$9,107,472 |
$3,330,095
$815,119 |
$4,962,258 |
| 19 |
$9,562,872 |
$3,498,593
$855,877 |
$5,208,402 |
| 20 |
$10,040,976 |
$3,675,492
$898,667 |
$5,466,817 |
| 21 |
$10,543,104 |
$3,861,279
$943,608 |
$5,738,217 |
| 22 |
$11,070,312 |
$4,056,346
$990,793 |
$6,023,173 |
| 23 |
$11,623,656 |
$4,261,083
$1,040,317 |
$6,322,256 |
| 24 |
$12,204,984 |
$4,476,174
$1,092,346 |
$6,636,464 |
| 25 |
$12,815,088 |
$4,701,913
$1,146,950 |
$6,966,225 |
| 26 |
$13,456,080 |
$4,939,080
$1,204,319 |
$7,312,681 |
| 27 |
$14,128,752 |
$5,187,969
$1,264,523 |
$7,676,260 |
| 28 |
$14,835,216 |
$5,449,360
$1,327,752 |
$8,058,104 |
| 29 |
$15,577,056 |
$5,723,841
$1,394,147 |
$8,459,068 |
| 30 |
$16,355,856 |
$6,011,997
$1,463,849 |
$8,880,010 |
|
|
