The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 Sat May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(8.95%) | $3,222,000 | | Net Lumpsum Payment | $19,497,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$103,724 |
$666,070 |
| 2 |
$1,216,908 |
$410,586
$108,913 |
$697,409 |
| 3 |
$1,277,738 |
$433,093
$114,358 |
$730,287 |
| 4 |
$1,341,648 |
$456,740
$120,077 |
$764,831 |
| 5 |
$1,408,715 |
$481,555
$126,080 |
$801,080 |
| 6 |
$1,479,170 |
$507,623
$132,386 |
$839,161 |
| 7 |
$1,553,090 |
$534,974
$139,002 |
$879,114 |
| 8 |
$1,630,783 |
$563,720
$145,955 |
$921,108 |
| 9 |
$1,712,326 |
$593,891
$153,253 |
$965,182 |
| 10 |
$1,797,950 |
$625,572
$160,917 |
$1,011,461 |
| 11 |
$1,887,809 |
$658,820
$168,959 |
$1,060,030 |
| 12 |
$1,982,211 |
$693,748
$177,408 |
$1,111,055 |
| 13 |
$2,081,310 |
$730,415
$186,277 |
$1,164,618 |
| 14 |
$2,185,414 |
$768,934
$195,595 |
$1,220,885 |
| 15 |
$2,294,677 |
$809,361
$205,374 |
$1,279,942 |
| 16 |
$2,409,407 |
$851,811
$215,642 |
$1,341,954 |
| 17 |
$2,529,835 |
$896,369
$226,420 |
$1,407,046 |
| 18 |
$2,656,346 |
$943,178
$237,743 |
$1,475,425 |
| 19 |
$2,789,171 |
$992,324
$249,631 |
$1,547,216 |
| 20 |
$2,928,618 |
$1,043,919
$262,111 |
$1,622,588 |
| 21 |
$3,075,072 |
$1,098,107
$275,219 |
$1,701,746 |
| 22 |
$3,228,841 |
$1,155,002
$288,981 |
$1,784,858 |
| 23 |
$3,390,233 |
$1,214,717
$303,426 |
$1,872,090 |
| 24 |
$3,559,787 |
$1,277,452
$318,601 |
$1,963,734 |
| 25 |
$3,737,734 |
$1,343,292
$334,527 |
$2,059,915 |
| 26 |
$3,924,690 |
$1,412,466
$351,260 |
$2,160,964 |
| 27 |
$4,120,886 |
$1,485,058
$368,819 |
$2,267,009 |
| 28 |
$4,326,938 |
$1,561,297
$387,261 |
$2,378,380 |
| 29 |
$4,543,308 |
$1,641,354
$406,626 |
$2,495,328 |
| 30 |
$4,770,458 |
$1,725,400
$426,956 |
$2,618,102 |
|
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