The jackpot for the Powerball draw on Wed Dec 4, 2024, is projected to be $240 Million, with an option for a cash payout of $113.6 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 Wed Dec 4, 2024 |
|---|
| Draw Date | Wed Dec 4, 2024 | | Projected Jackpot | $240,000,000 | | Cash Value | $113,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $113,600,000 | | Federal Tax(24%) | $27,264,000 | | Additional Federal Tax | $14,728,330 | | State Tax(8.95%) | $10,167,200 | | Net Lumpsum Payment | $61,440,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,612,240 |
$1,296,859
$323,295 |
$1,992,086 |
| 2 |
$3,792,960 |
$1,363,726
$339,470 |
$2,089,764 |
| 3 |
$3,982,560 |
$1,433,878
$356,439 |
$2,192,243 |
| 4 |
$4,181,760 |
$1,507,582
$374,268 |
$2,299,910 |
| 5 |
$4,390,800 |
$1,584,926
$392,977 |
$2,412,897 |
| 6 |
$4,610,400 |
$1,666,178
$412,631 |
$2,531,591 |
| 7 |
$4,840,800 |
$1,751,426
$433,252 |
$2,656,122 |
| 8 |
$5,082,960 |
$1,841,026
$454,925 |
$2,787,009 |
| 9 |
$5,337,120 |
$1,935,065
$477,672 |
$2,924,383 |
| 10 |
$5,604,000 |
$2,033,810
$501,558 |
$3,068,632 |
| 11 |
$5,884,080 |
$2,137,440
$526,625 |
$3,220,015 |
| 12 |
$6,178,320 |
$2,246,309
$552,960 |
$3,379,051 |
| 13 |
$6,487,200 |
$2,360,594
$580,604 |
$3,546,002 |
| 14 |
$6,811,680 |
$2,480,652
$609,645 |
$3,721,383 |
| 15 |
$7,152,240 |
$2,606,659
$640,125 |
$3,905,456 |
| 16 |
$7,509,840 |
$2,738,971
$672,131 |
$4,098,738 |
| 17 |
$7,885,200 |
$2,877,854
$705,725 |
$4,301,621 |
| 18 |
$8,279,520 |
$3,023,753
$741,017 |
$4,514,750 |
| 19 |
$8,693,520 |
$3,176,933
$778,070 |
$4,738,517 |
| 20 |
$9,128,160 |
$3,337,750
$816,970 |
$4,973,440 |
| 21 |
$9,584,640 |
$3,506,647
$857,825 |
$5,220,168 |
| 22 |
$10,063,920 |
$3,683,981
$900,721 |
$5,479,218 |
| 23 |
$10,566,960 |
$3,870,106
$945,743 |
$5,751,111 |
| 24 |
$11,095,440 |
$4,065,643
$993,042 |
$6,036,755 |
| 25 |
$11,650,080 |
$4,270,860
$1,042,682 |
$6,336,538 |
| 26 |
$12,232,800 |
$4,486,466
$1,094,836 |
$6,651,498 |
| 27 |
$12,844,320 |
$4,712,729
$1,149,567 |
$6,982,024 |
| 28 |
$13,486,560 |
$4,950,358
$1,207,047 |
$7,329,155 |
| 29 |
$14,160,960 |
$5,199,886
$1,267,406 |
$7,693,668 |
| 30 |
$14,868,960 |
$5,461,846
$1,330,772 |
$8,076,342 |
|
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