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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 $110,000,000 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 1, 2015
Jackpot:$110,000,000
Federal Tax:  25%
State Tax:7.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,961,311$490,328$145,137$1,325,846
2$2,039,763$509,941$150,942$1,378,880
3$2,121,354$530,338$156,980$1,434,035
4$2,206,208$551,552$163,259$1,491,397
5$2,294,456$573,614$169,790$1,551,052
6$2,386,235$596,559$176,581$1,613,095
7$2,481,684$620,421$183,645$1,677,618
8$2,580,951$645,238$190,990$1,744,723
9$2,684,189$671,047$198,630$1,814,512
10$2,791,557$697,889$206,575$1,887,093
11$2,903,219$725,805$214,838$1,962,576
12$3,019,348$754,837$223,432$2,041,079
13$3,140,122$785,030$232,369$2,122,722
14$3,265,727$816,432$241,664$2,207,631
15$3,396,356$849,089$251,330$2,295,937
16$3,532,210$883,053$261,384$2,387,774
17$3,673,499$918,375$271,839$2,483,285
18$3,820,438$955,110$282,712$2,582,616
19$3,973,256$993,314$294,021$2,685,921
20$4,132,186$1,033,047$305,782$2,793,358
21$4,297,474$1,074,368$318,013$2,905,092
22$4,469,373$1,117,343$330,734$3,021,296
23$4,648,148$1,162,037$343,963$3,142,148
24$4,834,073$1,208,518$357,721$3,267,834
25$5,027,436$1,256,859$372,030$3,398,547
26$5,228,534$1,307,133$386,912$3,534,489
27$5,437,675$1,359,419$402,388$3,675,868
28$5,655,182$1,413,796$418,483$3,822,903
29$5,881,390$1,470,347$435,223$3,975,819
30$6,116,645$1,529,161$452,632$4,134,852
Total$110,000,000$27,500,000$8,140,000$74,360,000
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