The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(8.95%) | $1,816,850 | | Net Lumpsum Payment | $11,011,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$59,271 |
$397,612 |
| 2 |
$695,376 |
$217,620
$62,236 |
$415,520 |
| 3 |
$730,136 |
$230,481
$65,347 |
$434,308 |
| 4 |
$766,656 |
$243,993
$68,616 |
$454,047 |
| 5 |
$804,980 |
$258,173
$72,046 |
$474,761 |
| 6 |
$845,240 |
$273,069
$75,649 |
$496,522 |
| 7 |
$887,480 |
$288,698
$79,429 |
$519,353 |
| 8 |
$931,876 |
$305,125
$83,403 |
$543,348 |
| 9 |
$978,472 |
$322,365
$87,573 |
$568,534 |
| 10 |
$1,027,400 |
$340,468
$91,952 |
$594,980 |
| 11 |
$1,078,748 |
$359,467
$96,548 |
$622,733 |
| 12 |
$1,132,692 |
$379,426
$101,376 |
$651,890 |
| 13 |
$1,189,320 |
$400,379
$106,444 |
$682,497 |
| 14 |
$1,248,808 |
$422,389
$111,768 |
$714,651 |
| 15 |
$1,311,244 |
$445,491
$117,356 |
$748,397 |
| 16 |
$1,376,804 |
$469,748
$123,224 |
$783,832 |
| 17 |
$1,445,620 |
$495,210
$129,383 |
$821,027 |
| 18 |
$1,517,912 |
$521,958
$135,853 |
$860,101 |
| 19 |
$1,593,812 |
$550,041
$142,646 |
$901,125 |
| 20 |
$1,673,496 |
$579,524
$149,778 |
$944,194 |
| 21 |
$1,757,184 |
$610,488
$157,268 |
$989,428 |
| 22 |
$1,845,052 |
$643,000
$165,132 |
$1,036,920 |
| 23 |
$1,937,276 |
$677,123
$173,386 |
$1,086,767 |
| 24 |
$2,034,164 |
$712,971
$182,058 |
$1,139,135 |
| 25 |
$2,135,848 |
$750,594
$191,158 |
$1,194,096 |
| 26 |
$2,242,680 |
$790,122
$200,720 |
$1,251,838 |
| 27 |
$2,354,792 |
$831,603
$210,754 |
$1,312,435 |
| 28 |
$2,472,536 |
$875,169
$221,292 |
$1,376,075 |
| 29 |
$2,596,176 |
$920,916
$232,358 |
$1,442,902 |
| 30 |
$2,725,976 |
$968,942
$243,975 |
$1,513,059 |
|
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