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Powerball Annuity Jackpot Analysis for Idaho (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$116,739$1,164,439
2$1,770,049$424,812$122,576$1,222,661
3$1,858,551$446,052$128,705$1,283,794
4$1,951,479$468,355$135,140$1,347,984
5$2,049,053$491,773$141,897$1,415,383
6$2,151,505$516,361$148,992$1,486,152
7$2,259,081$542,179$156,441$1,560,460
8$2,372,035$569,288$164,263$1,638,483
9$2,490,636$597,753$172,477$1,720,407
10$2,615,168$627,640$181,100$1,806,427
11$2,745,927$659,022$190,155$1,896,749
12$2,883,223$691,974$199,663$1,991,586
13$3,027,384$726,572$209,646$2,091,166
14$3,178,753$762,901$220,129$2,195,724
15$3,337,691$801,046$231,135$2,305,510
16$3,504,576$841,098$242,692$2,420,786
17$3,679,804$883,153$254,826$2,541,825
18$3,863,794$927,311$267,568$2,668,916
19$4,056,984$973,676$280,946$2,802,362
20$4,259,833$1,022,360$294,993$2,942,480
21$4,472,825$1,073,478$309,743$3,089,604
22$4,696,466$1,127,152$325,230$3,244,084
23$4,931,290$1,183,510$341,492$3,406,288
24$5,177,854$1,242,685$358,566$3,576,603
25$5,436,747$1,304,819$376,495$3,755,433
26$5,708,584$1,370,060$395,319$3,943,205
27$5,994,013$1,438,563$415,085$4,140,365
28$6,293,714$1,510,491$435,840$4,347,383
29$6,608,400$1,586,016$457,632$4,564,752
30$6,938,820$1,665,317$480,513$4,792,990
Total$112,000,000$26,880,000$7,756,000$77,364,000
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