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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 $60,000,000 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:  Wed, Apr 29, 2015
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:7.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$79,166$723,189
2$1,112,598$278,150$82,332$752,116
3$1,157,102$289,276$85,626$782,201
4$1,203,386$300,847$89,051$813,489
5$1,251,522$312,880$92,613$846,029
6$1,301,583$325,396$96,317$879,870
7$1,353,646$338,411$100,170$915,065
8$1,407,792$351,948$104,177$951,667
9$1,464,103$366,026$108,344$989,734
10$1,522,667$380,667$112,677$1,029,323
11$1,583,574$395,894$117,184$1,070,496
12$1,646,917$411,729$121,872$1,113,316
13$1,712,794$428,198$126,747$1,157,849
14$1,781,306$445,326$131,817$1,204,163
15$1,852,558$463,139$137,089$1,252,329
16$1,926,660$481,665$142,573$1,302,422
17$2,003,726$500,932$148,276$1,354,519
18$2,083,876$520,969$154,207$1,408,700
19$2,167,231$541,808$160,375$1,465,048
20$2,253,920$563,480$166,790$1,523,650
21$2,344,077$586,019$173,462$1,584,596
22$2,437,840$609,460$180,400$1,647,980
23$2,535,353$633,838$187,616$1,713,899
24$2,636,767$659,192$195,121$1,782,455
25$2,742,238$685,560$202,926$1,853,753
26$2,851,928$712,982$211,043$1,927,903
27$2,966,005$741,501$219,484$2,005,019
28$3,084,645$771,161$228,264$2,085,220
29$3,208,031$802,008$237,394$2,168,629
30$3,336,352$834,088$246,890$2,255,374
Total$60,000,000$15,000,000$4,440,000$40,560,000
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