The jackpot for the Powerball draw on Wed Apr 2, 2025, is projected to be $30 Million, with an option for a cash payout of $13.9 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 Wed Apr 2, 2025 |
|---|
| Draw Date | Wed Apr 2, 2025 | | Projected Jackpot | $30,000,000 | | Cash Value | $13,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,900,000 | | Federal Tax(24%) | $3,336,000 | | Additional Federal Tax | $1,767,330 | | State Tax(8.95%) | $1,244,050 | | Net Lumpsum Payment | $7,552,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$40,412 |
$283,722 |
| 2 |
$474,120 |
$135,755
$42,434 |
$295,931 |
| 3 |
$497,820 |
$144,524
$44,555 |
$308,741 |
| 4 |
$522,720 |
$153,737
$46,783 |
$322,200 |
| 5 |
$548,850 |
$163,405
$49,122 |
$336,323 |
| 6 |
$576,300 |
$173,561
$51,579 |
$351,160 |
| 7 |
$605,100 |
$184,217
$54,156 |
$366,727 |
| 8 |
$635,370 |
$195,417
$56,866 |
$383,087 |
| 9 |
$667,140 |
$207,172
$59,709 |
$400,259 |
| 10 |
$700,500 |
$219,515
$62,695 |
$418,290 |
| 11 |
$735,510 |
$232,469
$65,828 |
$437,213 |
| 12 |
$772,290 |
$246,078
$69,120 |
$457,092 |
| 13 |
$810,900 |
$260,363
$72,576 |
$477,961 |
| 14 |
$851,460 |
$275,371
$76,206 |
$499,883 |
| 15 |
$894,030 |
$291,121
$80,016 |
$522,893 |
| 16 |
$938,730 |
$307,660
$84,016 |
$547,054 |
| 17 |
$985,650 |
$325,021
$88,216 |
$572,413 |
| 18 |
$1,034,940 |
$343,258
$92,627 |
$599,055 |
| 19 |
$1,086,690 |
$362,406
$97,259 |
$627,025 |
| 20 |
$1,141,020 |
$382,508
$102,121 |
$656,391 |
| 21 |
$1,198,080 |
$403,620
$107,228 |
$687,232 |
| 22 |
$1,257,990 |
$425,787
$112,590 |
$719,613 |
| 23 |
$1,320,870 |
$449,052
$118,218 |
$753,600 |
| 24 |
$1,386,930 |
$473,494
$124,130 |
$789,306 |
| 25 |
$1,456,260 |
$499,147
$130,335 |
$826,778 |
| 26 |
$1,529,100 |
$526,097
$136,854 |
$866,149 |
| 27 |
$1,605,540 |
$554,380
$143,696 |
$907,464 |
| 28 |
$1,685,820 |
$584,084
$150,881 |
$950,855 |
| 29 |
$1,770,120 |
$615,275
$158,426 |
$996,419 |
| 30 |
$1,858,620 |
$648,020
$166,346 |
$1,044,254 |
|
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