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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 $50,000,000 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, Jul 26, 2014
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:7.80%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$69,537$599,091
2$927,165$231,791$72,319$623,055
3$964,252$241,063$75,212$647,977
4$1,002,822$250,705$78,220$673,896
5$1,042,935$260,734$81,349$700,852
6$1,084,652$271,163$84,603$728,886
7$1,128,038$282,010$87,987$758,042
8$1,173,160$293,290$91,506$788,363
9$1,220,086$305,022$95,167$819,898
10$1,268,890$317,222$98,973$852,694
11$1,319,645$329,911$102,932$886,802
12$1,372,431$343,108$107,050$922,274
13$1,427,328$356,832$111,332$959,165
14$1,484,421$371,105$115,785$997,531
15$1,543,798$385,950$120,416$1,037,432
16$1,605,550$401,388$125,233$1,078,930
17$1,669,772$417,443$130,242$1,122,087
18$1,736,563$434,141$135,452$1,166,970
19$1,806,025$451,506$140,870$1,213,649
20$1,878,266$469,567$146,505$1,262,195
21$1,953,397$488,349$152,365$1,312,683
22$2,031,533$507,883$158,460$1,365,190
23$2,112,794$528,199$164,798$1,419,798
24$2,197,306$549,327$171,390$1,476,590
25$2,285,198$571,300$178,245$1,535,653
26$2,376,606$594,152$185,375$1,597,079
27$2,471,671$617,918$192,790$1,660,963
28$2,570,537$642,634$200,502$1,727,401
29$2,673,359$668,340$208,522$1,796,497
30$2,780,293$695,073$216,863$1,868,357
Total$50,000,000$12,500,000$3,900,000$33,600,000
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