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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 $90,000,000 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, May 28, 2016
Jackpot:$90,000,000
Federal Tax:  25%
State Tax:7.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$338,657$100,243$915,729
2$1,422,361$355,590$105,255$961,516
3$1,493,479$373,370$110,517$1,009,592
4$1,568,153$392,038$116,043$1,060,071
5$1,646,560$411,640$121,845$1,113,075
6$1,728,888$432,222$127,938$1,168,728
7$1,815,333$453,833$134,335$1,227,165
8$1,906,099$476,525$141,051$1,288,523
9$2,001,404$500,351$148,104$1,352,949
10$2,101,474$525,369$155,509$1,420,597
11$2,206,548$551,637$163,285$1,491,627
12$2,316,876$579,219$171,449$1,566,208
13$2,432,719$608,180$180,021$1,644,518
14$2,554,355$638,589$189,022$1,726,744
15$2,682,073$670,518$198,473$1,813,081
16$2,816,177$704,044$208,397$1,903,735
17$2,956,986$739,246$218,817$1,998,922
18$3,104,835$776,209$229,758$2,098,868
19$3,260,077$815,019$241,246$2,203,812
20$3,423,080$855,770$253,308$2,314,002
21$3,594,234$898,559$265,973$2,429,702
22$3,773,946$943,487$279,272$2,551,188
23$3,962,643$990,661$293,236$2,678,747
24$4,160,776$1,040,194$307,897$2,812,684
25$4,368,814$1,092,204$323,292$2,953,319
26$4,587,255$1,146,814$339,457$3,100,985
27$4,816,618$1,204,154$356,430$3,256,034
28$5,057,449$1,264,362$374,251$3,418,835
29$5,310,321$1,327,580$392,964$3,589,777
30$5,575,837$1,393,959$412,612$3,769,266
Total$90,000,000$22,500,000$6,660,000$60,840,000
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