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Powerball Annuity Jackpot Analysis for Idaho (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$627,993$6,264,059
2$9,521,914$2,285,259$659,393$6,577,262
3$9,998,010$2,399,522$692,362$6,906,125
4$10,497,911$2,519,499$726,980$7,251,432
5$11,022,806$2,645,473$763,329$7,614,003
6$11,573,946$2,777,747$801,496$7,994,703
7$12,152,644$2,916,634$841,571$8,394,439
8$12,760,276$3,062,466$883,649$8,814,161
9$13,398,290$3,215,589$927,832$9,254,869
10$14,068,204$3,376,369$974,223$9,717,612
11$14,771,614$3,545,187$1,022,934$10,203,493
12$15,510,195$3,722,447$1,074,081$10,713,667
13$16,285,705$3,908,569$1,127,785$11,249,350
14$17,099,990$4,103,998$1,184,174$11,811,818
15$17,954,989$4,309,197$1,243,383$12,402,409
16$18,852,739$4,524,657$1,305,552$13,022,529
17$19,795,375$4,750,890$1,370,830$13,673,656
18$20,785,144$4,988,435$1,439,371$14,357,339
19$21,824,401$5,237,856$1,511,340$15,075,205
20$22,915,622$5,499,749$1,586,907$15,828,966
21$24,061,403$5,774,737$1,666,252$16,620,414
22$25,264,473$6,063,473$1,749,565$17,451,435
23$26,527,697$6,366,647$1,837,043$18,324,006
24$27,854,081$6,684,979$1,928,895$19,240,207
25$29,246,785$7,019,228$2,025,340$20,202,217
26$30,709,125$7,370,190$2,126,607$21,212,328
27$32,244,581$7,738,699$2,232,937$22,272,944
28$33,856,810$8,125,634$2,344,584$23,386,591
29$35,549,650$8,531,916$2,461,813$24,555,921
30$37,327,133$8,958,512$2,584,904$25,783,717
Total$602,500,001$144,600,000$41,723,125$416,176,876
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