The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(8.95%) | $5,495,300 | | Net Lumpsum Payment | $33,226,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$175,118 |
$1,097,229 |
| 2 |
$2,054,520 |
$720,503
$183,880 |
$1,150,137 |
| 3 |
$2,157,220 |
$758,502
$193,071 |
$1,205,647 |
| 4 |
$2,265,120 |
$798,425
$202,728 |
$1,263,967 |
| 5 |
$2,378,350 |
$840,320
$212,862 |
$1,325,168 |
| 6 |
$2,497,300 |
$884,331
$223,508 |
$1,389,461 |
| 7 |
$2,622,100 |
$930,507
$234,678 |
$1,456,915 |
| 8 |
$2,753,270 |
$979,040
$246,418 |
$1,527,812 |
| 9 |
$2,890,940 |
$1,029,978
$258,739 |
$1,602,223 |
| 10 |
$3,035,500 |
$1,083,465
$271,677 |
$1,680,358 |
| 11 |
$3,187,210 |
$1,139,598
$285,255 |
$1,762,357 |
| 12 |
$3,346,590 |
$1,198,569
$299,520 |
$1,848,501 |
| 13 |
$3,513,900 |
$1,260,473
$314,494 |
$1,938,933 |
| 14 |
$3,689,660 |
$1,325,505
$330,225 |
$2,033,930 |
| 15 |
$3,874,130 |
$1,393,758
$346,735 |
$2,133,637 |
| 16 |
$4,067,830 |
$1,465,427
$364,071 |
$2,238,332 |
| 17 |
$4,271,150 |
$1,540,656
$382,268 |
$2,348,226 |
| 18 |
$4,484,740 |
$1,619,684
$401,384 |
$2,463,672 |
| 19 |
$4,708,990 |
$1,702,657
$421,455 |
$2,584,878 |
| 20 |
$4,944,420 |
$1,789,766
$442,526 |
$2,712,128 |
| 21 |
$5,191,680 |
$1,881,252
$464,655 |
$2,845,773 |
| 22 |
$5,451,290 |
$1,977,308
$487,890 |
$2,986,092 |
| 23 |
$5,723,770 |
$2,078,125
$512,277 |
$3,133,368 |
| 24 |
$6,010,030 |
$2,184,041
$537,898 |
$3,288,091 |
| 25 |
$6,310,460 |
$2,295,201
$564,786 |
$3,450,473 |
| 26 |
$6,626,100 |
$2,411,987
$593,036 |
$3,621,077 |
| 27 |
$6,957,340 |
$2,534,546
$622,682 |
$3,800,112 |
| 28 |
$7,305,220 |
$2,663,262
$653,817 |
$3,988,141 |
| 29 |
$7,670,520 |
$2,798,423
$686,512 |
$4,185,585 |
| 30 |
$8,054,020 |
$2,940,318
$720,835 |
$4,392,867 |
|
|
