This is how much the Missouri Powerball winner who won half of the $1.8 billion will have to pay

A man In Missouri, one of the two winners of the massive $1.8 billion Powerball jackpot, has come forward to claim his half of the prize. The person from the St. Louis area has decided to remain anonymous.

The self-described “homebody” told lottery officials in Jefferson City that he plans “to just do me for a year.” He said that he is looking forward to spending time with his wife, who he quipped “is going to drag me out of town now.”

He is still getting his head around the fact that he is “a millionaire, a multi-millionaire,” the knowledge of which has given him sleepless nights since he realized he had one of the winning tickets. The gentleman chose to take the one-time lump-sum payment which is a little less than half of $893.5 million pre-tax each ticketholder will get from the jackpot.

But he’s taking it in strides, “It’s the best problem I’ve ever had,” he said. He might not have seen the tax bill yet.

Powerball winner looking at $115 million in taxes up front and more to come

The one-time lump-sum payment for the Missouri man is $410.3 million, but that’s before Uncle Sam gets his cut. That will be 24% of his winnings, almost $ 98.5 million.

The tax office in the State of Missouri will also wet its beak, taking a 4% cut, or a roughly $16.4 million slice of the winnings. That will leave the lucky ticketholder with a little more than $295.4 million.

However, he isn’t done with the taxman yet. He’ll still need to report his winnings on his income tax return when he files next year.

He will have to pay 37% to the IRS on his income over $626,350 if he files separately from his wife or their joint income over $751,600 if they file together. Missouri state taxes are 4.7% for the highest tax bracket which applies to income over $16,500 or over $25,000, respectively.

While we still don’t know who the winner in Texas is yet, that individual will get to keep millions more. The Lone Star State does not tax lottery winnings.

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