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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 $120,000,000 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 2, 2015
Jackpot:$120,000,000
Federal Tax:  25%
State Tax:7.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,139,612$534,903$158,331$1,446,378
2$2,225,196$556,299$164,665$1,504,233
3$2,314,204$578,551$171,251$1,564,402
4$2,406,772$601,693$178,101$1,626,978
5$2,503,043$625,761$185,225$1,692,057
6$2,603,165$650,791$192,634$1,759,740
7$2,707,292$676,823$200,340$1,830,129
8$2,815,583$703,896$208,353$1,903,334
9$2,928,207$732,052$216,687$1,979,468
10$3,045,335$761,334$225,355$2,058,646
11$3,167,148$791,787$234,369$2,140,992
12$3,293,834$823,459$243,744$2,226,632
13$3,425,588$856,397$253,493$2,315,697
14$3,562,611$890,653$263,633$2,408,325
15$3,705,116$926,279$274,179$2,504,658
16$3,853,320$963,330$285,146$2,604,844
17$4,007,453$1,001,863$296,552$2,709,038
18$4,167,751$1,041,938$308,414$2,817,400
19$4,334,461$1,083,615$320,750$2,930,096
20$4,507,840$1,126,960$333,580$3,047,300
21$4,688,153$1,172,038$346,923$3,169,192
22$4,875,679$1,218,920$360,800$3,295,959
23$5,070,706$1,267,677$375,232$3,427,798
24$5,273,535$1,318,384$390,242$3,564,909
25$5,484,476$1,371,119$405,851$3,707,506
26$5,703,855$1,425,964$422,085$3,855,806
27$5,932,009$1,483,002$438,969$4,010,038
28$6,169,290$1,542,322$456,527$4,170,440
29$6,416,061$1,604,015$474,789$4,337,257
30$6,672,704$1,668,176$493,780$4,510,748
Total$120,000,000$30,000,000$8,880,000$81,120,000
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