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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 $158,000,000 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 8, 2020
Jackpot:$158,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,378,127$570,750$164,685$1,642,691
2$2,497,033$599,288$172,920$1,724,826
3$2,621,885$629,252$181,566$1,811,067
4$2,752,979$660,715$190,644$1,901,620
5$2,890,628$693,751$200,176$1,996,701
6$3,035,159$728,438$210,185$2,096,536
7$3,186,917$764,860$220,694$2,201,363
8$3,346,263$803,103$231,729$2,311,431
9$3,513,576$843,258$243,315$2,427,003
10$3,689,255$885,421$255,481$2,548,353
11$3,873,718$929,692$268,255$2,675,771
12$4,067,404$976,177$281,668$2,809,559
13$4,270,774$1,024,986$295,751$2,950,037
14$4,484,313$1,076,235$310,539$3,097,539
15$4,708,528$1,130,047$326,066$3,252,416
16$4,943,955$1,186,549$342,369$3,415,037
17$5,191,152$1,245,877$359,487$3,585,789
18$5,450,710$1,308,170$377,462$3,765,078
19$5,723,246$1,373,579$396,335$3,953,332
20$6,009,408$1,442,258$416,151$4,150,998
21$6,309,878$1,514,371$436,959$4,358,548
22$6,625,372$1,590,089$458,807$4,576,476
23$6,956,641$1,669,594$481,747$4,805,300
24$7,304,473$1,753,073$505,835$5,045,565
25$7,669,696$1,840,727$531,126$5,297,843
26$8,053,181$1,932,764$557,683$5,562,735
27$8,455,840$2,029,402$585,567$5,840,872
28$8,878,632$2,130,872$614,845$6,132,915
29$9,322,564$2,237,415$645,588$6,439,561
30$9,788,692$2,349,286$677,867$6,761,539
Total$158,000,000$37,920,000$10,941,500$109,138,500
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