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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 $40,000,000 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, Mar 28, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:7.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$52,777$482,126
2$741,732$185,433$54,888$501,411
3$771,401$192,850$57,084$521,467
4$802,257$200,564$59,367$542,326
5$834,348$208,587$61,742$564,019
6$867,722$216,930$64,211$586,580
7$902,431$225,608$66,780$610,043
8$938,528$234,632$69,451$634,445
9$976,069$244,017$72,229$659,823
10$1,015,112$253,778$75,118$686,215
11$1,055,716$263,929$78,123$713,664
12$1,097,945$274,486$81,248$742,211
13$1,141,863$285,466$84,498$771,899
14$1,187,537$296,884$87,878$802,775
15$1,235,039$308,760$91,393$834,886
16$1,284,440$321,110$95,049$868,281
17$1,335,818$333,954$98,851$903,013
18$1,389,250$347,313$102,805$939,133
19$1,444,820$361,205$106,917$976,699
20$1,502,613$375,653$111,193$1,015,767
21$1,562,718$390,679$115,641$1,056,397
22$1,625,226$406,307$120,267$1,098,653
23$1,690,235$422,559$125,077$1,142,599
24$1,757,845$439,461$130,081$1,188,303
25$1,828,159$457,040$135,284$1,235,835
26$1,901,285$475,321$140,695$1,285,269
27$1,977,336$494,334$146,323$1,336,679
28$2,056,430$514,107$152,176$1,390,147
29$2,138,687$534,672$158,263$1,445,752
30$2,224,235$556,059$164,593$1,503,583
Total$40,000,000$10,000,000$2,960,000$27,040,000
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