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Powerball Annuity Jackpot Analysis for Idaho (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$55,243$551,029
2$837,612$201,027$58,005$578,581
3$879,493$211,078$60,905$607,510
4$923,468$221,632$63,950$637,885
5$969,641$232,714$67,148$669,780
6$1,018,123$244,350$70,505$703,269
7$1,069,029$256,567$74,030$738,432
8$1,122,481$269,395$77,732$775,354
9$1,178,605$282,865$81,618$814,121
10$1,237,535$297,008$85,699$854,827
11$1,299,412$311,859$89,984$897,569
12$1,364,382$327,452$94,483$942,447
13$1,432,601$343,824$99,208$989,569
14$1,504,231$361,016$104,168$1,039,048
15$1,579,443$379,066$109,376$1,091,000
16$1,658,415$398,020$114,845$1,145,550
17$1,741,336$417,921$120,588$1,202,828
18$1,828,403$438,817$126,617$1,262,969
19$1,919,823$460,757$132,948$1,326,118
20$2,015,814$483,795$139,595$1,392,424
21$2,116,605$507,985$146,575$1,462,045
22$2,222,435$533,384$153,904$1,535,147
23$2,333,557$560,054$161,599$1,611,904
24$2,450,235$588,056$169,679$1,692,499
25$2,572,746$617,459$178,163$1,777,124
26$2,701,384$648,332$187,071$1,865,981
27$2,836,453$680,749$196,424$1,959,280
28$2,978,275$714,786$206,246$2,057,244
29$3,127,189$750,525$216,558$2,160,106
30$3,283,549$788,052$227,386$2,268,111
Total$53,000,000$12,720,000$3,670,250$36,609,750
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