The jackpot for the Powerball draw on Mon Oct 12, 2026, is projected to be $538 Million, with an option for a cash payout of $220.6 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 Mon Oct 12, 2026 |
|---|
| Draw Date | Mon Oct 12, 2026 | | Projected Jackpot | $538,000,000 | | Cash Value | $220,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $220,600,000 | | Federal Tax(24%) | $52,944,000 | | Additional Federal Tax | $28,638,330 | | State Tax(8.95%) | $19,743,700 | | Net Lumpsum Payment | $119,273,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,097,438 |
$2,956,382
$724,721 |
$4,416,335 |
| 2 |
$8,502,552 |
$3,106,275
$760,978 |
$4,635,299 |
| 3 |
$8,927,572 |
$3,263,532
$799,018 |
$4,865,022 |
| 4 |
$9,374,112 |
$3,428,752
$838,983 |
$5,106,377 |
| 5 |
$9,842,710 |
$3,602,133
$880,923 |
$5,359,654 |
| 6 |
$10,334,980 |
$3,784,273
$924,981 |
$5,625,726 |
| 7 |
$10,851,460 |
$3,975,371
$971,206 |
$5,904,883 |
| 8 |
$11,394,302 |
$4,176,222
$1,019,790 |
$6,198,290 |
| 9 |
$11,964,044 |
$4,387,027
$1,070,782 |
$6,506,235 |
| 10 |
$12,562,300 |
$4,608,381
$1,124,326 |
$6,829,593 |
| 11 |
$13,190,146 |
$4,840,684
$1,180,518 |
$7,168,944 |
| 12 |
$13,849,734 |
$5,084,732
$1,239,551 |
$7,525,451 |
| 13 |
$14,542,140 |
$5,340,922
$1,301,522 |
$7,899,696 |
| 14 |
$15,269,516 |
$5,610,051
$1,366,622 |
$8,292,843 |
| 15 |
$16,032,938 |
$5,892,517
$1,434,948 |
$8,705,473 |
| 16 |
$16,834,558 |
$6,189,117
$1,506,693 |
$9,138,748 |
| 17 |
$17,675,990 |
$6,500,447
$1,582,001 |
$9,593,542 |
| 18 |
$18,559,924 |
$6,827,502
$1,661,113 |
$10,071,309 |
| 19 |
$19,487,974 |
$7,170,881
$1,744,174 |
$10,572,919 |
| 20 |
$20,462,292 |
$7,531,378
$1,831,375 |
$11,099,539 |
| 21 |
$21,485,568 |
$7,909,991
$1,922,958 |
$11,652,619 |
| 22 |
$22,559,954 |
$8,307,513
$2,019,116 |
$12,233,325 |
| 23 |
$23,687,602 |
$8,724,743
$2,120,040 |
$12,842,819 |
| 24 |
$24,872,278 |
$9,163,073
$2,226,069 |
$13,483,136 |
| 25 |
$26,115,596 |
$9,623,101
$2,337,346 |
$14,155,149 |
| 26 |
$27,421,860 |
$10,106,419
$2,454,256 |
$14,861,185 |
| 27 |
$28,792,684 |
$10,613,623
$2,576,945 |
$15,602,116 |
| 28 |
$30,232,372 |
$11,146,308
$2,705,797 |
$16,380,267 |
| 29 |
$31,744,152 |
$11,705,667
$2,841,102 |
$17,197,383 |
| 30 |
$33,331,252 |
$12,292,894
$2,983,147 |
$18,055,211 |
|
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