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Powerball Annuity Jackpot Analysis for Idaho (Aug. 29, 2020 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:6.93%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$48,989$488,649
2$742,788$178,269$51,438$513,081
3$779,928$187,183$54,010$538,735
4$818,924$196,542$56,710$565,672
5$859,870$206,369$59,546$593,955
6$902,864$216,687$62,523$623,653
7$948,007$227,522$65,649$654,836
8$995,407$238,898$68,932$687,578
9$1,045,178$250,843$72,379$721,957
10$1,097,437$263,385$75,997$758,054
11$1,152,308$276,554$79,797$795,957
12$1,209,924$290,382$83,787$835,755
13$1,270,420$304,901$87,977$877,543
14$1,333,941$320,146$92,375$921,420
15$1,400,638$336,153$96,994$967,491
16$1,470,670$352,961$101,844$1,015,865
17$1,544,204$370,609$106,936$1,066,659
18$1,621,414$389,139$112,283$1,119,992
19$1,702,484$408,596$117,897$1,175,991
20$1,787,609$429,026$123,792$1,234,791
21$1,876,989$450,477$129,981$1,296,530
22$1,970,839$473,001$136,481$1,361,357
23$2,069,380$496,651$143,305$1,429,425
24$2,172,849$521,484$150,470$1,500,896
25$2,281,492$547,558$157,993$1,575,941
26$2,395,567$574,936$165,893$1,654,738
27$2,515,345$603,683$174,188$1,737,475
28$2,641,112$633,867$182,897$1,824,348
29$2,773,168$665,560$192,042$1,915,566
30$2,911,826$698,838$201,644$2,011,344
Total$47,000,000$11,280,000$3,254,750$32,465,250
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