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Powerball Annuity Jackpot Analysis for Idaho (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$496,870$4,956,144
2$7,533,770$1,808,105$521,714$5,203,952
3$7,910,458$1,898,510$547,799$5,464,149
4$8,305,982$1,993,436$575,189$5,737,357
5$8,721,280$2,093,107$603,949$6,024,224
6$9,157,345$2,197,763$634,146$6,325,436
7$9,615,212$2,307,651$665,853$6,641,708
8$10,095,973$2,423,033$699,146$6,973,793
9$10,600,771$2,544,185$734,103$7,322,483
10$11,130,810$2,671,394$770,809$7,688,607
11$11,687,350$2,804,964$809,349$8,073,037
12$12,271,718$2,945,212$849,816$8,476,689
13$12,885,303$3,092,473$892,307$8,900,523
14$13,529,569$3,247,097$936,923$9,345,550
15$14,206,047$3,409,451$983,769$9,812,827
16$14,916,350$3,579,924$1,032,957$10,303,469
17$15,662,167$3,758,920$1,084,605$10,818,642
18$16,445,275$3,946,866$1,138,835$11,359,574
19$17,267,539$4,144,209$1,195,777$11,927,552
20$18,130,916$4,351,420$1,255,566$12,523,930
21$19,037,462$4,568,991$1,318,344$13,150,127
22$19,989,335$4,797,440$1,384,261$13,807,633
23$20,988,802$5,037,312$1,453,475$14,498,015
24$22,038,241$5,289,178$1,526,148$15,222,915
25$23,140,153$5,553,637$1,602,456$15,984,061
26$24,297,162$5,831,319$1,682,578$16,783,264
27$25,512,020$6,122,885$1,766,707$17,622,428
28$26,787,620$6,429,029$1,855,043$18,503,549
29$28,127,001$6,750,480$1,947,795$19,428,726
30$29,533,352$7,088,004$2,045,185$20,400,163
Total$476,700,001$114,408,000$33,011,475$329,280,526
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