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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, Sep 28, 2016
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$903,086$225,772$66,828$610,486
2$948,240$237,060$70,170$641,011
3$995,652$248,913$73,678$673,061
4$1,045,435$261,359$77,362$706,714
5$1,097,707$274,427$81,230$742,050
6$1,152,592$288,148$85,292$779,152
7$1,210,222$302,555$89,556$818,110
8$1,270,733$317,683$94,034$859,015
9$1,334,270$333,567$98,736$901,966
10$1,400,983$350,246$103,673$947,064
11$1,471,032$367,758$108,856$994,418
12$1,544,584$386,146$114,299$1,044,139
13$1,621,813$405,453$120,014$1,096,346
14$1,702,904$425,726$126,015$1,151,163
15$1,788,049$447,012$132,316$1,208,721
16$1,877,451$469,363$138,931$1,269,157
17$1,971,324$492,831$145,878$1,332,615
18$2,069,890$517,472$153,172$1,399,246
19$2,173,384$543,346$160,830$1,469,208
20$2,282,054$570,513$168,872$1,542,668
21$2,396,156$599,039$177,316$1,619,802
22$2,515,964$628,991$186,181$1,700,792
23$2,641,762$660,441$195,490$1,785,831
24$2,773,850$693,463$205,265$1,875,123
25$2,912,543$728,136$215,528$1,968,879
26$3,058,170$764,543$226,305$2,067,323
27$3,211,079$802,770$237,620$2,170,689
28$3,371,633$842,908$249,501$2,279,224
29$3,540,214$885,054$261,976$2,393,185
30$3,717,225$929,306$275,075$2,512,844
Total$60,000,000$15,000,000$4,440,000$40,560,000
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