The jackpot for the Powerball draw on Sat Jan 18, 2025, is projected to be $331 Million, with an option for a cash payout of $145.1 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 18, 2025 |
|---|
| Draw Date | Sat Jan 18, 2025 | | Projected Jackpot | $331,000,000 | | Cash Value | $145,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,100,000 | | Federal Tax(24%) | $34,824,000 | | Additional Federal Tax | $18,823,330 | | State Tax(8.95%) | $12,986,450 | | Net Lumpsum Payment | $78,466,220 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$445,878 |
$2,732,377 |
| 2 |
$5,231,124 |
$1,895,846
$468,186 |
$2,867,092 |
| 3 |
$5,492,614 |
$1,992,598
$491,589 |
$3,008,427 |
| 4 |
$5,767,344 |
$2,094,248
$516,177 |
$3,156,919 |
| 5 |
$6,055,645 |
$2,200,919
$541,980 |
$3,312,746 |
| 6 |
$6,358,510 |
$2,312,979
$569,087 |
$3,476,444 |
| 7 |
$6,676,270 |
$2,430,550
$597,526 |
$3,648,194 |
| 8 |
$7,010,249 |
$2,554,123
$627,417 |
$3,828,709 |
| 9 |
$7,360,778 |
$2,683,818
$658,790 |
$4,018,170 |
| 10 |
$7,728,850 |
$2,820,005
$691,732 |
$4,217,113 |
| 11 |
$8,115,127 |
$2,962,927
$726,304 |
$4,425,896 |
| 12 |
$8,520,933 |
$3,113,076
$762,624 |
$4,645,233 |
| 13 |
$8,946,930 |
$3,270,694
$800,750 |
$4,875,486 |
| 14 |
$9,394,442 |
$3,436,274
$840,803 |
$5,117,365 |
| 15 |
$9,864,131 |
$3,610,059
$882,840 |
$5,371,232 |
| 16 |
$10,357,321 |
$3,792,539
$926,980 |
$5,637,802 |
| 17 |
$10,875,005 |
$3,984,082
$973,313 |
$5,917,610 |
| 18 |
$11,418,838 |
$4,185,300
$1,021,986 |
$6,211,552 |
| 19 |
$11,989,813 |
$4,396,561
$1,073,088 |
$6,520,164 |
| 20 |
$12,589,254 |
$4,618,354
$1,126,738 |
$6,844,162 |
| 21 |
$13,218,816 |
$4,851,292
$1,183,084 |
$7,184,440 |
| 22 |
$13,879,823 |
$5,095,865
$1,242,244 |
$7,541,714 |
| 23 |
$14,573,599 |
$5,352,562
$1,304,337 |
$7,916,700 |
| 24 |
$15,302,461 |
$5,622,241
$1,369,570 |
$8,310,650 |
| 25 |
$16,067,402 |
$5,905,269
$1,438,032 |
$8,724,101 |
| 26 |
$16,871,070 |
$6,202,626
$1,509,961 |
$9,158,483 |
| 27 |
$17,714,458 |
$6,514,680
$1,585,444 |
$9,614,334 |
| 28 |
$18,600,214 |
$6,842,410
$1,664,719 |
$10,093,085 |
| 29 |
$19,530,324 |
$7,186,550
$1,747,964 |
$10,595,810 |
| 30 |
$20,506,774 |
$7,547,837
$1,835,356 |
$11,123,581 |
|
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