The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(8.95%) | $1,503,600 | | Net Lumpsum Payment | $9,120,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$48,494 |
$332,532 |
| 2 |
$568,944 |
$170,840
$50,920 |
$347,184 |
| 3 |
$597,384 |
$181,362
$53,466 |
$362,556 |
| 4 |
$627,264 |
$192,418
$56,140 |
$378,706 |
| 5 |
$658,620 |
$204,020
$58,946 |
$395,654 |
| 6 |
$691,560 |
$216,208
$61,895 |
$413,457 |
| 7 |
$726,120 |
$228,995
$64,988 |
$432,137 |
| 8 |
$762,444 |
$242,435
$68,239 |
$451,770 |
| 9 |
$800,568 |
$256,541
$71,651 |
$472,376 |
| 10 |
$840,600 |
$271,352
$75,234 |
$494,014 |
| 11 |
$882,612 |
$286,897
$78,994 |
$516,721 |
| 12 |
$926,748 |
$303,227
$82,944 |
$540,577 |
| 13 |
$973,080 |
$320,370
$87,091 |
$565,619 |
| 14 |
$1,021,752 |
$338,379
$91,447 |
$591,926 |
| 15 |
$1,072,836 |
$357,280
$96,019 |
$619,537 |
| 16 |
$1,126,476 |
$377,127
$100,820 |
$648,529 |
| 17 |
$1,182,780 |
$397,959
$105,859 |
$678,962 |
| 18 |
$1,241,928 |
$419,844
$111,153 |
$710,931 |
| 19 |
$1,304,028 |
$442,821
$116,711 |
$744,496 |
| 20 |
$1,369,224 |
$466,943
$122,546 |
$779,735 |
| 21 |
$1,437,696 |
$492,278
$128,674 |
$816,744 |
| 22 |
$1,509,588 |
$518,878
$135,108 |
$855,602 |
| 23 |
$1,585,044 |
$546,797
$141,861 |
$896,386 |
| 24 |
$1,664,316 |
$576,127
$148,956 |
$939,233 |
| 25 |
$1,747,512 |
$606,910
$156,402 |
$984,200 |
| 26 |
$1,834,920 |
$639,251
$164,225 |
$1,031,444 |
| 27 |
$1,926,648 |
$673,190
$172,435 |
$1,081,023 |
| 28 |
$2,022,984 |
$708,834
$181,057 |
$1,133,093 |
| 29 |
$2,124,144 |
$746,264
$190,111 |
$1,187,769 |
| 30 |
$2,230,344 |
$785,558
$199,616 |
$1,245,170 |
|
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