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Powerball Annuity Jackpot Analysis for Idaho (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$74,004$738,171
2$1,122,084$269,300$77,704$775,080
3$1,178,189$282,765$81,590$813,834
4$1,237,098$296,904$85,669$854,526
5$1,298,953$311,749$89,952$897,252
6$1,363,901$327,336$94,450$942,114
7$1,432,096$343,703$99,173$989,220
8$1,503,701$360,888$104,131$1,038,681
9$1,578,886$378,933$109,338$1,090,615
10$1,657,830$397,879$114,805$1,145,146
11$1,740,721$417,773$120,545$1,202,403
12$1,827,757$438,662$126,572$1,262,523
13$1,919,145$460,595$132,901$1,325,650
14$2,015,103$483,625$139,546$1,391,932
15$2,115,858$507,806$146,523$1,461,529
16$2,221,651$533,196$153,849$1,534,605
17$2,332,733$559,856$161,542$1,611,335
18$2,449,370$587,849$169,619$1,691,902
19$2,571,838$617,241$178,100$1,776,497
20$2,700,430$648,103$187,005$1,865,322
21$2,835,452$680,508$196,355$1,958,588
22$2,977,224$714,534$206,173$2,056,518
23$3,126,085$750,260$216,481$2,159,343
24$3,282,390$787,774$227,305$2,267,311
25$3,446,509$827,162$238,671$2,380,676
26$3,618,835$868,520$250,604$2,499,710
27$3,799,776$911,946$263,135$2,624,696
28$3,989,765$957,544$276,291$2,755,930
29$4,189,253$1,005,421$290,106$2,893,727
30$4,398,716$1,055,692$304,611$3,038,413
Total$71,000,000$17,040,000$4,916,750$49,043,250
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