Idaho Lottery

IDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Idaho, your state will take 5.8% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Idaho Powerball Jackpot/Cash Option for Sat Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(5.8%)	$5,747,800
Net Lumpsum Payment	$56,724,870

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$170,227	$1,718,458
2	$3,081,780	-$1,100,589 -$178,743	$1,802,448
3	$3,235,830	-$1,157,587 -$187,678	$1,890,565
4	$3,397,680	-$1,217,472 -$197,065	$1,983,143
5	$3,567,525	-$1,280,315 -$206,916	$2,080,294
6	$3,745,950	-$1,346,332 -$217,265	$2,182,353
7	$3,933,150	-$1,415,596 -$228,123	$2,289,431
8	$4,129,905	-$1,488,395 -$239,534	$2,401,976
9	$4,336,410	-$1,564,802 -$251,512	$2,520,096
10	$4,553,250	-$1,645,033 -$264,089	$2,644,128
11	$4,780,815	-$1,729,232 -$277,287	$2,774,296
12	$5,019,885	-$1,817,688 -$291,153	$2,911,044
13	$5,270,850	-$1,910,545 -$305,709	$3,054,596
14	$5,534,490	-$2,008,092 -$321,000	$3,205,398
15	$5,811,195	-$2,110,473 -$337,049	$3,363,673
16	$6,101,745	-$2,217,976 -$353,901	$3,529,868
17	$6,406,725	-$2,330,819 -$371,590	$3,704,316
18	$6,727,110	-$2,449,361 -$390,172	$3,887,577
19	$7,063,485	-$2,573,820 -$409,682	$4,079,983
20	$7,416,630	-$2,704,483 -$430,165	$4,281,982
21	$7,787,520	-$2,841,713 -$451,676	$4,494,131
22	$8,176,935	-$2,985,796 -$474,262	$4,716,877
23	$8,585,655	-$3,137,023 -$497,968	$4,950,664
24	$9,015,045	-$3,295,897 -$522,873	$5,196,275
25	$9,465,690	-$3,462,636 -$549,010	$5,454,044
26	$9,939,150	-$3,637,816 -$576,471	$5,724,863
27	$10,436,010	-$3,821,654 -$605,289	$6,009,067
28	$10,957,830	-$4,014,727 -$635,554	$6,307,549
29	$11,505,780	-$4,217,469 -$667,335	$6,620,976
30	$12,081,030	-$4,430,311 -$700,700	$6,950,019