The jackpot for the Powerball draw on Wed Jul 1, 2026, is projected to be $375 Million, with an option for a cash payout of $170.6 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 1, 2026 |
|---|
| Draw Date | Wed Jul 1, 2026 | | Projected Jackpot | $375,000,000 | | Cash Value | $170,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $170,600,000 | | Federal Tax(24%) | $40,944,000 | | Additional Federal Tax | $22,138,330 | | State Tax(8.95%) | $15,268,700 | | Net Lumpsum Payment | $92,248,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,644,125 |
$2,048,657
$505,149 |
$3,090,319 |
| 2 |
$5,926,500 |
$2,153,135
$530,422 |
$3,242,943 |
| 3 |
$6,222,750 |
$2,262,748
$556,936 |
$3,403,066 |
| 4 |
$6,534,000 |
$2,377,910
$584,793 |
$3,571,297 |
| 5 |
$6,860,625 |
$2,498,762
$614,026 |
$3,747,837 |
| 6 |
$7,203,750 |
$2,625,718
$644,736 |
$3,933,296 |
| 7 |
$7,563,750 |
$2,758,918
$676,956 |
$4,127,876 |
| 8 |
$7,942,125 |
$2,898,917
$710,820 |
$4,332,388 |
| 9 |
$8,339,250 |
$3,045,853
$746,363 |
$4,547,034 |
| 10 |
$8,756,250 |
$3,200,143
$783,684 |
$4,772,423 |
| 11 |
$9,193,875 |
$3,362,064
$822,852 |
$5,008,959 |
| 12 |
$9,653,625 |
$3,532,172
$863,999 |
$5,257,454 |
| 13 |
$10,136,250 |
$3,710,743
$907,194 |
$5,518,313 |
| 14 |
$10,643,250 |
$3,898,333
$952,571 |
$5,792,346 |
| 15 |
$11,175,375 |
$4,095,219
$1,000,196 |
$6,079,960 |
| 16 |
$11,734,125 |
$4,301,957
$1,050,204 |
$6,381,964 |
| 17 |
$12,320,625 |
$4,518,962
$1,102,696 |
$6,698,967 |
| 18 |
$12,936,750 |
$4,746,928
$1,157,839 |
$7,031,983 |
| 19 |
$13,583,625 |
$4,986,272
$1,215,734 |
$7,381,619 |
| 20 |
$14,262,750 |
$5,237,548
$1,276,516 |
$7,748,686 |
| 21 |
$14,976,000 |
$5,501,450
$1,340,352 |
$8,134,198 |
| 22 |
$15,724,875 |
$5,778,534
$1,407,376 |
$8,538,965 |
| 23 |
$16,510,875 |
$6,069,354
$1,477,723 |
$8,963,798 |
| 24 |
$17,336,625 |
$6,374,882
$1,551,628 |
$9,410,115 |
| 25 |
$18,203,250 |
$6,695,533
$1,629,191 |
$9,878,526 |
| 26 |
$19,113,750 |
$7,032,418
$1,710,681 |
$10,370,651 |
| 27 |
$20,069,250 |
$7,385,953
$1,796,198 |
$10,887,099 |
| 28 |
$21,072,750 |
$7,757,248
$1,886,011 |
$11,429,491 |
| 29 |
$22,126,500 |
$8,147,135
$1,980,322 |
$11,999,043 |
| 30 |
$23,232,750 |
$8,556,448
$2,079,331 |
$12,596,971 |
|
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