The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(8.95%) | $7,043,650 | | Net Lumpsum Payment | $42,577,020 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$230,348 |
$1,430,766 |
| 2 |
$2,702,484 |
$960,249
$241,872 |
$1,500,363 |
| 3 |
$2,837,574 |
$1,010,233
$253,963 |
$1,573,378 |
| 4 |
$2,979,504 |
$1,062,747
$266,666 |
$1,650,091 |
| 5 |
$3,128,445 |
$1,117,855
$279,996 |
$1,730,594 |
| 6 |
$3,284,910 |
$1,175,747
$293,999 |
$1,815,164 |
| 7 |
$3,449,070 |
$1,236,486
$308,692 |
$1,903,892 |
| 8 |
$3,621,609 |
$1,300,326
$324,134 |
$1,997,149 |
| 9 |
$3,802,698 |
$1,367,329
$340,341 |
$2,095,028 |
| 10 |
$3,992,850 |
$1,437,685
$357,360 |
$2,197,805 |
| 11 |
$4,192,407 |
$1,511,521
$375,220 |
$2,305,666 |
| 12 |
$4,402,053 |
$1,589,090
$393,984 |
$2,418,979 |
| 13 |
$4,622,130 |
$1,670,518
$413,681 |
$2,537,931 |
| 14 |
$4,853,322 |
$1,756,060
$434,372 |
$2,662,890 |
| 15 |
$5,095,971 |
$1,845,840
$456,089 |
$2,794,042 |
| 16 |
$5,350,761 |
$1,940,112
$478,893 |
$2,931,756 |
| 17 |
$5,618,205 |
$2,039,066
$502,829 |
$3,076,310 |
| 18 |
$5,899,158 |
$2,143,019
$527,975 |
$3,228,164 |
| 19 |
$6,194,133 |
$2,252,160
$554,375 |
$3,387,598 |
| 20 |
$6,503,814 |
$2,366,742
$582,091 |
$3,554,981 |
| 21 |
$6,829,056 |
$2,487,081
$611,201 |
$3,730,774 |
| 22 |
$7,170,543 |
$2,613,431
$641,764 |
$3,915,348 |
| 23 |
$7,528,959 |
$2,746,045
$673,842 |
$4,109,072 |
| 24 |
$7,905,501 |
$2,885,366
$707,542 |
$4,312,593 |
| 25 |
$8,300,682 |
$3,031,583
$742,911 |
$4,526,188 |
| 26 |
$8,715,870 |
$3,185,202
$780,070 |
$4,750,598 |
| 27 |
$9,151,578 |
$3,346,414
$819,066 |
$4,986,098 |
| 28 |
$9,609,174 |
$3,515,725
$860,021 |
$5,233,428 |
| 29 |
$10,089,684 |
$3,693,513
$903,027 |
$5,493,144 |
| 30 |
$10,594,134 |
$3,880,160
$948,175 |
$5,765,799 |
|
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