The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(8.95%) | $10,534,150 | | Net Lumpsum Payment | $63,656,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$354,278 |
$2,179,192 |
| 2 |
$4,156,452 |
$1,498,218
$372,002 |
$2,286,232 |
| 3 |
$4,364,222 |
$1,575,093
$390,598 |
$2,398,531 |
| 4 |
$4,582,512 |
$1,655,860
$410,135 |
$2,516,517 |
| 5 |
$4,811,585 |
$1,740,617
$430,637 |
$2,640,331 |
| 6 |
$5,052,230 |
$1,829,655
$452,175 |
$2,770,400 |
| 7 |
$5,304,710 |
$1,923,073
$474,772 |
$2,906,865 |
| 8 |
$5,570,077 |
$2,021,259
$498,522 |
$3,050,296 |
| 9 |
$5,848,594 |
$2,124,310
$523,449 |
$3,200,835 |
| 10 |
$6,141,050 |
$2,232,519
$549,624 |
$3,358,907 |
| 11 |
$6,447,971 |
$2,346,080
$577,093 |
$3,524,798 |
| 12 |
$6,770,409 |
$2,465,382
$605,952 |
$3,699,075 |
| 13 |
$7,108,890 |
$2,590,620
$636,246 |
$3,882,024 |
| 14 |
$7,464,466 |
$2,722,183
$668,070 |
$4,074,213 |
| 15 |
$7,837,663 |
$2,860,266
$701,471 |
$4,275,926 |
| 16 |
$8,229,533 |
$3,005,258
$736,543 |
$4,487,732 |
| 17 |
$8,640,865 |
$3,157,450
$773,357 |
$4,710,058 |
| 18 |
$9,072,974 |
$3,317,331
$812,031 |
$4,943,612 |
| 19 |
$9,526,649 |
$3,485,191
$852,635 |
$5,188,823 |
| 20 |
$10,002,942 |
$3,661,419
$895,263 |
$5,446,260 |
| 21 |
$10,503,168 |
$3,846,503
$940,034 |
$5,716,631 |
| 22 |
$11,028,379 |
$4,040,831
$987,040 |
$6,000,508 |
| 23 |
$11,579,627 |
$4,244,792
$1,036,377 |
$6,298,458 |
| 24 |
$12,158,753 |
$4,459,069
$1,088,208 |
$6,611,476 |
| 25 |
$12,766,546 |
$4,683,952
$1,142,606 |
$6,939,988 |
| 26 |
$13,405,110 |
$4,920,221
$1,199,757 |
$7,285,132 |
| 27 |
$14,075,234 |
$5,168,167
$1,259,733 |
$7,647,334 |
| 28 |
$14,779,022 |
$5,428,569
$1,322,722 |
$8,027,731 |
| 29 |
$15,518,052 |
$5,702,010
$1,388,866 |
$8,427,176 |
| 30 |
$16,293,902 |
$5,989,074
$1,458,304 |
$8,846,524 |
|
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