The jackpot for the Powerball draw on Sat Sep 28, 2024, is projected to be $243 Million, with an option for a cash payout of $122.2 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 Sat Sep 28, 2024 |
|---|
| Draw Date | Sat Sep 28, 2024 | | Projected Jackpot | $243,000,000 | | Cash Value | $122,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $122,200,000 | | Federal Tax(24%) | $29,328,000 | | Additional Federal Tax | $15,846,330 | | State Tax(8.95%) | $10,936,900 | | Net Lumpsum Payment | $66,088,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,657,393 |
$1,313,566
$327,337 |
$2,016,490 |
| 2 |
$3,840,372 |
$1,381,268
$343,713 |
$2,115,391 |
| 3 |
$4,032,342 |
$1,452,297
$360,895 |
$2,219,150 |
| 4 |
$4,234,032 |
$1,526,922
$378,946 |
$2,328,164 |
| 5 |
$4,445,685 |
$1,605,234
$397,889 |
$2,442,562 |
| 6 |
$4,668,030 |
$1,687,501
$417,789 |
$2,562,740 |
| 7 |
$4,901,310 |
$1,773,815
$438,667 |
$2,688,828 |
| 8 |
$5,146,497 |
$1,864,534
$460,611 |
$2,821,352 |
| 9 |
$5,403,834 |
$1,959,749
$483,643 |
$2,960,442 |
| 10 |
$5,674,050 |
$2,059,729
$507,827 |
$3,106,494 |
| 11 |
$5,957,631 |
$2,164,654
$533,208 |
$3,259,769 |
| 12 |
$6,255,549 |
$2,274,884
$559,872 |
$3,420,793 |
| 13 |
$6,568,290 |
$2,390,598
$587,862 |
$3,589,830 |
| 14 |
$6,896,826 |
$2,512,156
$617,266 |
$3,767,404 |
| 15 |
$7,241,643 |
$2,639,738
$648,127 |
$3,953,778 |
| 16 |
$7,603,713 |
$2,773,704
$680,532 |
$4,149,477 |
| 17 |
$7,983,765 |
$2,914,323
$714,547 |
$4,354,895 |
| 18 |
$8,383,014 |
$3,062,046
$750,280 |
$4,570,688 |
| 19 |
$8,802,189 |
$3,217,140
$787,796 |
$4,797,253 |
| 20 |
$9,242,262 |
$3,379,967
$827,182 |
$5,035,113 |
| 21 |
$9,704,448 |
$3,550,976
$868,548 |
$5,284,924 |
| 22 |
$10,189,719 |
$3,730,526
$911,980 |
$5,547,213 |
| 23 |
$10,699,047 |
$3,918,978
$957,565 |
$5,822,504 |
| 24 |
$11,234,133 |
$4,116,960
$1,005,455 |
$6,111,718 |
| 25 |
$11,795,706 |
$4,324,742
$1,055,716 |
$6,415,248 |
| 26 |
$12,385,710 |
$4,543,043
$1,108,521 |
$6,734,146 |
| 27 |
$13,004,874 |
$4,772,134
$1,163,936 |
$7,068,804 |
| 28 |
$13,655,142 |
$5,012,733
$1,222,135 |
$7,420,274 |
| 29 |
$14,337,972 |
$5,265,380
$1,283,248 |
$7,789,344 |
| 30 |
$15,054,822 |
$5,530,615
$1,347,407 |
$8,176,800 |
|
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