The jackpot for the Powerball draw on Sat Oct 24, 2026, is projected to be $674 Million, with an option for a cash payout of $283.9 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 Oct 24, 2026 |
|---|
| Draw Date | Sat Oct 24, 2026 | | Projected Jackpot | $674,000,000 | | Cash Value | $283,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $283,900,000 | | Federal Tax(24%) | $68,136,000 | | Additional Federal Tax | $36,867,330 | | State Tax(8.95%) | $25,409,050 | | Net Lumpsum Payment | $153,487,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,144,374 |
$3,713,749
$907,921 |
$5,522,704 |
| 2 |
$10,651,896 |
$3,901,532
$953,345 |
$5,797,019 |
| 3 |
$11,184,356 |
$4,098,542
$1,001,000 |
$6,084,814 |
| 4 |
$11,743,776 |
$4,305,528
$1,051,068 |
$6,387,180 |
| 5 |
$12,330,830 |
$4,522,737
$1,103,609 |
$6,704,484 |
| 6 |
$12,947,540 |
$4,750,920
$1,158,805 |
$7,037,815 |
| 7 |
$13,594,580 |
$4,990,325
$1,216,715 |
$7,387,540 |
| 8 |
$14,274,646 |
$5,241,949
$1,277,581 |
$7,755,116 |
| 9 |
$14,988,412 |
$5,506,043
$1,341,463 |
$8,140,906 |
| 10 |
$15,737,900 |
$5,783,353
$1,408,542 |
$8,546,005 |
| 11 |
$16,524,458 |
$6,074,380
$1,478,939 |
$8,971,139 |
| 12 |
$17,350,782 |
$6,380,120
$1,552,895 |
$9,417,767 |
| 13 |
$18,218,220 |
$6,701,072
$1,630,531 |
$9,886,617 |
| 14 |
$19,129,468 |
$7,038,234
$1,712,087 |
$10,379,147 |
| 15 |
$20,085,874 |
$7,392,104
$1,797,686 |
$10,896,084 |
| 16 |
$21,090,134 |
$7,763,680
$1,887,567 |
$11,438,887 |
| 17 |
$22,144,270 |
$8,153,710
$1,981,912 |
$12,008,648 |
| 18 |
$23,251,652 |
$8,563,442
$2,081,023 |
$12,607,187 |
| 19 |
$24,414,302 |
$8,993,622
$2,185,080 |
$13,235,600 |
| 20 |
$25,634,916 |
$9,445,249
$2,294,325 |
$13,895,342 |
| 21 |
$26,916,864 |
$9,919,570
$2,409,059 |
$14,588,235 |
| 22 |
$28,262,842 |
$10,417,582
$2,529,524 |
$15,315,736 |
| 23 |
$29,675,546 |
$10,940,282
$2,655,961 |
$16,079,303 |
| 24 |
$31,159,694 |
$11,489,417
$2,788,793 |
$16,881,484 |
| 25 |
$32,717,308 |
$12,065,734
$2,928,199 |
$17,723,375 |
| 26 |
$34,353,780 |
$12,671,229
$3,074,663 |
$18,607,888 |
| 27 |
$36,071,132 |
$13,306,649
$3,228,366 |
$19,536,117 |
| 28 |
$37,874,756 |
$13,973,990
$3,389,791 |
$20,510,975 |
| 29 |
$39,768,696 |
$14,674,748
$3,559,298 |
$21,534,650 |
| 30 |
$41,756,996 |
$15,410,419
$3,737,251 |
$22,609,326 |
|
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