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Powerball Annuity Jackpot Analysis for Idaho (Apr. 3, 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 $54,000,000 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:  Apr. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$56,285$561,426
2$853,416$204,820$59,099$589,497
3$896,087$215,061$62,054$618,972
4$940,892$225,814$65,157$649,921
5$987,936$237,105$68,415$682,417
6$1,037,333$248,960$71,835$716,538
7$1,089,200$261,408$75,427$752,365
8$1,143,660$274,478$79,198$789,983
9$1,200,843$288,202$83,158$829,482
10$1,260,885$302,612$87,316$870,956
11$1,323,929$317,743$91,682$914,504
12$1,390,125$333,630$96,266$960,229
13$1,459,632$350,312$101,079$1,008,241
14$1,532,613$367,827$106,133$1,058,653
15$1,609,244$386,219$111,440$1,111,585
16$1,689,706$405,529$117,012$1,167,164
17$1,774,191$425,806$122,863$1,225,523
18$1,862,901$447,096$129,006$1,286,799
19$1,956,046$469,451$135,456$1,351,139
20$2,053,848$492,924$142,229$1,418,696
21$2,156,541$517,570$149,340$1,489,630
22$2,264,368$543,448$156,807$1,564,112
23$2,377,586$570,621$164,648$1,642,318
24$2,496,465$599,152$172,880$1,724,433
25$2,621,289$629,109$181,524$1,810,655
26$2,752,353$660,565$190,600$1,901,188
27$2,889,971$693,593$200,130$1,996,247
28$3,034,469$728,273$210,137$2,096,060
29$3,186,193$764,686$220,644$2,200,863
30$3,345,502$802,921$231,676$2,310,906
Total$54,000,000$12,960,000$3,739,500$37,300,500
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