The newest Powerball lottery winner has shared that he and two others will share the huge prize.
Cheng Saephan, an immigrant from Laos, was revealed as the winner of the giant $1.3 billion Powerball jackpot drawn on April 7.
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Saephan, who has lived in Oregon for 30 years, plans to share the winnings with his wife of 37 years, Duanpen, and her friend of 55 years, Laiza Liem Chao.
The couple will keep half the money and the other half will go to Chao, who spent $100 on 20 tickets with the other winners.
Saephan purchased the ticket at a Plaid Pantry store in Northeast Portland on April 6.
The winning numbers were 22, 27, 44, 52, 69 and the red Powerball 9.
As for the billion-dollar prize, the trio decided to accept a lump sum payment rather than pay it in a 30-year annuity.
This means they receive the cash value of the jackpot.
The value of the $1.3 billion jackpot is $621 million, according to the Oregon Lottery Commission.
However, after applying federal and state taxes, the Portland, Oregon-based group will end up with $422 million.
Because lottery winnings are treated as income by the federal government as well as many states, jackpots are subject to state and federal income taxes.
Federal taxes for lottery winners are automatically withheld by lottery agencies at a rate of 24% for any prizes over $5,000, according to TurboTax.
Most winners choose to receive the lump sum, but this can often put them in a higher tax bracket of 37%.
A higher tax bracket means the winner owes the difference between the withholding amount and the total tax.
The percentage withheld from a person’s lottery winnings varies by state.
The amount withheld differs from state to state, being 8% in Oregon.
The West Coast state has one of the highest in the country, after New York, Maryland and Washington D.C., according to the Tax Foundation.
‘MY LIFE CHANGED’
Saephan, father of two, has been fighting cancer for eight years.
At a press conference on Monday, the winner shared that he plans to use his millions to help him fight cancer.
“I am able to support my family and my health,” he said.
“My life changed. Now I can bless my family and hire a good doctor for myself.
Saephan also plans to use the money to buy his family a dream home.
Top US Lottery Winners
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro – $2.04 billion, Powerball, November 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, October 11, 2023, California.
- Unknown Winner – $1.602 Billion, Mega Millions, August 8, 2023, Florida.
- Marvin and Mae Acosta of Los Angeles, California, John and Lisa Robinson of Munford, Tennessee, and Maureen Smith and David Kaltschmidt of Melbourne Beach, Florida – $1.586 billion, Powerball, January 13, 2016.
- Unknown Winner – $1.537 Billion, Mega Millions, October 23, 2018, from South Carolina.
- Winner unknown – he sued his child’s mother to keep his identity hidden – $1.348 billion, Mega Millions, January 13, 2023, from Maine.
- Unknown Winner – $1.337 Billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Álvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 Billion, Mega Millions, January 22, 2021, from Michigan.
- Winner unknown – $842.4 million Powerball, January 1, 2024, from Michigan.
“How will I have time to spend all this money? How long will I live?”
Although he is now a millionaire, Saephan has no plans to leave his home state.
“I love Oregon. I’ve been here 30 years, so I’m not moving. I’m staying here,” he said.
He also remembered the day he and Chao bought shared tickets.
Chao sent a photo of the tickets to Saephan saying, “We are billionaires” as a joke before the draw, according to the Associated press.
However, the next day, Saephan called Chao on his way to work, telling him, “You don’t have to go anymore.”
Saephan’s winning ticket was the eighth largest jackpot in US history.
This story originally appeared on The-sun.com read the full story
