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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 $122,000,000 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, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$127,162$1,268,407
2$1,928,089$462,741$133,520$1,331,827
3$2,024,493$485,878$140,196$1,398,419
4$2,125,718$510,172$147,206$1,468,340
5$2,232,004$535,681$154,566$1,541,757
6$2,343,604$562,465$162,295$1,618,844
7$2,460,784$590,588$170,409$1,699,787
8$2,583,823$620,118$178,930$1,784,776
9$2,713,015$651,124$187,876$1,874,015
10$2,848,665$683,680$197,270$1,967,716
11$2,991,099$717,864$207,134$2,066,101
12$3,140,654$753,757$217,490$2,169,406
13$3,297,686$791,445$228,365$2,277,877
14$3,462,571$831,017$239,783$2,391,771
15$3,635,699$872,568$251,772$2,511,359
16$3,817,484$916,196$264,361$2,636,927
17$4,008,358$962,006$277,579$2,768,773
18$4,208,776$1,010,106$291,458$2,907,212
19$4,419,215$1,060,612$306,031$3,052,573
20$4,640,176$1,113,642$321,332$3,205,201
21$4,872,184$1,169,324$337,399$3,365,461
22$5,115,794$1,227,790$354,269$3,533,734
23$5,371,583$1,289,180$371,982$3,710,421
24$5,640,162$1,353,639$390,581$3,895,942
25$5,922,171$1,421,321$410,110$4,090,739
26$6,218,279$1,492,387$430,616$4,295,276
27$6,529,193$1,567,006$452,147$4,510,040
28$6,855,653$1,645,357$474,754$4,735,542
29$7,198,435$1,727,625$498,492$4,972,319
30$7,558,357$1,814,006$523,416$5,220,935
Total$122,000,000$29,280,000$8,448,500$84,271,500
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