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Powerball Annuity Jackpot Analysis for Idaho (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$100,062$998,091
2$1,517,185$364,124$105,065$1,047,995
3$1,593,044$382,331$110,318$1,100,395
4$1,672,696$401,447$115,834$1,155,415
5$1,756,331$421,519$121,626$1,213,186
6$1,844,147$442,595$127,707$1,273,845
7$1,936,355$464,725$134,093$1,337,537
8$2,033,173$487,961$140,797$1,404,414
9$2,134,831$512,359$147,837$1,474,635
10$2,241,573$537,977$155,229$1,548,366
11$2,353,651$564,876$162,990$1,625,785
12$2,471,334$593,120$171,140$1,707,074
13$2,594,901$622,776$179,697$1,792,428
14$2,724,646$653,915$188,682$1,882,049
15$2,860,878$686,611$198,116$1,976,151
16$3,003,922$720,941$208,022$2,074,959
17$3,154,118$756,988$218,423$2,178,707
18$3,311,824$794,838$229,344$2,287,642
19$3,477,415$834,580$240,811$2,402,024
20$3,651,286$876,309$252,852$2,522,126
21$3,833,850$920,124$265,494$2,648,232
22$4,025,543$966,130$278,769$2,780,644
23$4,226,820$1,014,437$292,707$2,919,676
24$4,438,161$1,065,159$307,343$3,065,659
25$4,660,069$1,118,416$322,710$3,218,942
26$4,893,072$1,174,337$338,845$3,379,890
27$5,137,726$1,233,054$355,788$3,548,884
28$5,394,612$1,294,707$373,577$3,726,328
29$5,664,343$1,359,442$392,256$3,912,645
30$5,947,560$1,427,414$411,869$4,108,277
Total$96,000,000$23,040,000$6,648,000$66,312,000
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