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Powerball Annuity Jackpot Analysis for Idaho

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $70,000,000 would be for a resident of Idaho, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Idaho

Drawing Date:  Sat, Aug 2, 2014
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:7.80%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,248,107$312,027$97,352$838,728
2$1,298,031$324,508$101,246$872,277
3$1,349,952$337,488$105,296$907,168
4$1,403,951$350,988$109,508$943,455
5$1,460,109$365,027$113,888$981,193
6$1,518,513$379,628$118,444$1,020,441
7$1,579,253$394,813$123,182$1,061,258
8$1,642,424$410,606$128,109$1,103,709
9$1,708,121$427,030$133,233$1,147,857
10$1,776,445$444,111$138,563$1,193,771
11$1,847,503$461,876$144,105$1,241,522
12$1,921,403$480,351$149,869$1,291,183
13$1,998,259$499,565$155,864$1,342,830
14$2,078,190$519,547$162,099$1,396,544
15$2,161,317$540,329$168,583$1,452,405
16$2,247,770$561,943$175,326$1,510,501
17$2,337,681$584,420$182,339$1,570,922
18$2,431,188$607,797$189,633$1,633,758
19$2,528,436$632,109$197,218$1,699,109
20$2,629,573$657,393$205,107$1,767,073
21$2,734,756$683,689$213,311$1,837,756
22$2,844,146$711,037$221,843$1,911,266
23$2,957,912$739,478$230,717$1,987,717
24$3,076,229$769,057$239,946$2,067,226
25$3,199,278$799,819$249,544$2,149,915
26$3,327,249$831,812$259,525$2,235,911
27$3,460,339$865,085$269,906$2,325,348
28$3,598,752$899,688$280,703$2,418,362
29$3,742,702$935,676$291,931$2,515,096
30$3,892,411$973,103$303,608$2,615,700
Total$70,000,000$17,500,000$5,460,000$47,040,000
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