The jackpot for the Powerball draw on Mon Feb 24, 2025, is projected to be $230 Million, with an option for a cash payout of $105.2 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 Feb 24, 2025 |
|---|
| Draw Date | Mon Feb 24, 2025 | | Projected Jackpot | $230,000,000 | | Cash Value | $105,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $105,200,000 | | Federal Tax(24%) | $25,248,000 | | Additional Federal Tax | $13,636,330 | | State Tax(8.95%) | $9,415,400 | | Net Lumpsum Payment | $56,900,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$309,825 |
$1,910,735 |
| 2 |
$3,634,920 |
$1,305,251
$325,325 |
$2,004,344 |
| 3 |
$3,816,620 |
$1,372,480
$341,587 |
$2,102,553 |
| 4 |
$4,007,520 |
$1,443,113
$358,673 |
$2,205,734 |
| 5 |
$4,207,850 |
$1,517,235
$376,603 |
$2,314,012 |
| 6 |
$4,418,300 |
$1,595,101
$395,438 |
$2,427,761 |
| 7 |
$4,639,100 |
$1,676,797
$415,199 |
$2,547,104 |
| 8 |
$4,871,170 |
$1,762,663
$435,970 |
$2,672,537 |
| 9 |
$5,114,740 |
$1,852,784
$457,769 |
$2,804,187 |
| 10 |
$5,370,500 |
$1,947,415
$480,660 |
$2,942,425 |
| 11 |
$5,638,910 |
$2,046,727
$504,682 |
$3,087,501 |
| 12 |
$5,920,890 |
$2,151,060
$529,920 |
$3,239,910 |
| 13 |
$6,216,900 |
$2,260,583
$556,413 |
$3,399,904 |
| 14 |
$6,527,860 |
$2,375,639
$584,243 |
$3,567,978 |
| 15 |
$6,854,230 |
$2,496,395
$613,454 |
$3,744,381 |
| 16 |
$7,196,930 |
$2,623,194
$644,125 |
$3,929,611 |
| 17 |
$7,556,650 |
$2,756,291
$676,320 |
$4,124,039 |
| 18 |
$7,934,540 |
$2,896,110
$710,141 |
$4,328,289 |
| 19 |
$8,331,290 |
$3,042,908
$745,650 |
$4,542,732 |
| 20 |
$8,747,820 |
$3,197,024
$782,930 |
$4,767,866 |
| 21 |
$9,185,280 |
$3,358,884
$822,083 |
$5,004,313 |
| 22 |
$9,644,590 |
$3,528,829
$863,191 |
$5,252,570 |
| 23 |
$10,126,670 |
$3,707,198
$906,337 |
$5,513,135 |
| 24 |
$10,633,130 |
$3,894,588
$951,665 |
$5,786,877 |
| 25 |
$11,164,660 |
$4,091,255
$999,237 |
$6,074,168 |
| 26 |
$11,723,100 |
$4,297,877
$1,049,217 |
$6,376,006 |
| 27 |
$12,309,140 |
$4,514,712
$1,101,668 |
$6,692,760 |
| 28 |
$12,924,620 |
$4,742,440
$1,156,753 |
$7,025,427 |
| 29 |
$13,570,920 |
$4,981,571
$1,214,597 |
$7,374,752 |
| 30 |
$14,249,420 |
$5,232,616
$1,275,323 |
$7,741,481 |
|
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