Idaho Lottery

IDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 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 May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(5.8%)	$974,400
Net Lumpsum Payment	$9,649,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$31,426	$349,600
2	$568,944	-$170,840 -$32,999	$365,105
3	$597,384	-$181,362 -$34,648	$381,374
4	$627,264	-$192,418 -$36,381	$398,465
5	$658,620	-$204,020 -$38,200	$416,400
6	$691,560	-$216,208 -$40,110	$435,242
7	$726,120	-$228,995 -$42,115	$455,010
8	$762,444	-$242,435 -$44,222	$475,787
9	$800,568	-$256,541 -$46,433	$497,594
10	$840,600	-$271,352 -$48,755	$520,493
11	$882,612	-$286,897 -$51,191	$544,524
12	$926,748	-$303,227 -$53,751	$569,770
13	$973,080	-$320,370 -$56,439	$596,271
14	$1,021,752	-$338,379 -$59,262	$624,111
15	$1,072,836	-$357,280 -$62,224	$653,332
16	$1,126,476	-$377,127 -$65,336	$684,013
17	$1,182,780	-$397,959 -$68,601	$716,220
18	$1,241,928	-$419,844 -$72,032	$750,052
19	$1,304,028	-$442,821 -$75,634	$785,573
20	$1,369,224	-$466,943 -$79,415	$822,866
21	$1,437,696	-$492,278 -$83,386	$862,032
22	$1,509,588	-$518,878 -$87,556	$903,154
23	$1,585,044	-$546,797 -$91,933	$946,314
24	$1,664,316	-$576,127 -$96,530	$991,659
25	$1,747,512	-$606,910 -$101,356	$1,039,246
26	$1,834,920	-$639,251 -$106,425	$1,089,244
27	$1,926,648	-$673,190 -$111,746	$1,141,712
28	$2,022,984	-$708,834 -$117,333	$1,196,817
29	$2,124,144	-$746,264 -$123,200	$1,254,680
30	$2,230,344	-$785,558 -$129,360	$1,315,426