Idaho Lottery

IDLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(5.8%)	$800,400
Net Lumpsum Payment	$7,933,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$27,062	$306,554
2	$489,924	-$141,602 -$28,416	$319,906
3	$514,414	-$150,664 -$29,836	$333,914
4	$540,144	-$160,184 -$31,328	$348,632
5	$567,145	-$170,174 -$32,894	$364,077
6	$595,510	-$180,669 -$34,540	$380,301
7	$625,270	-$191,680 -$36,266	$397,324
8	$656,549	-$203,254 -$38,080	$415,215
9	$689,378	-$215,400 -$39,984	$433,994
10	$723,850	-$228,155 -$41,983	$453,712
11	$760,027	-$241,540 -$44,082	$474,405
12	$798,033	-$255,603 -$46,286	$496,144
13	$837,930	-$270,364 -$48,600	$518,966
14	$879,842	-$285,872 -$51,031	$542,939
15	$923,831	-$302,148 -$53,582	$568,101
16	$970,021	-$319,238 -$56,261	$594,522
17	$1,018,505	-$337,177 -$59,073	$622,255
18	$1,069,438	-$356,022 -$62,027	$651,389
19	$1,122,913	-$375,808 -$65,129	$681,976
20	$1,179,054	-$396,580 -$68,385	$714,089
21	$1,238,016	-$418,396 -$71,805	$747,815
22	$1,299,923	-$441,302 -$75,396	$783,225
23	$1,364,899	-$465,343 -$79,164	$820,392
24	$1,433,161	-$490,600 -$83,123	$859,438
25	$1,504,802	-$517,107 -$87,279	$900,416
26	$1,580,070	-$544,956 -$91,644	$943,470
27	$1,659,058	-$574,182 -$96,225	$988,651
28	$1,742,014	-$604,876 -$101,037	$1,036,101
29	$1,829,124	-$637,106 -$106,089	$1,085,929
30	$1,920,574	-$670,943 -$111,393	$1,138,238