‘Beast Games’ winner speaks out after fans discover how much of $10 million prize money he really gets
The show, which premiered on Amazon Prime Video, featured 1,000 contestants competing for a grand prize of $10 million.
This condition presented early in Lucas’s life, with Allen noting, “He started missing milestones; wasn’t able to sit up; wasn’t able to crawl. He’s not very verbal and doesn’t cry a ton.”
Credit: Jeffrey Randall Allen / Instagram
After extensive medical consultations, an MRS scan revealed Lucas’s creatine transport issue. Facing limited funding and no existing cure for CTD, Allen sought innovative ways to raise awareness and resources, leading him to join Beast Games.
Throughout the competition, Allen outperformed 999 other contestants, including finalist Twana Barnett, to claim the top prize. However, the $10 million reward comes with significant tax implications.
In a discussion on The Iced Coffee Hour podcast, Allen revealed that MrBeast did not withhold taxes from the prize distribution, stating, “I literally got $10 million wired to me. So, it’s up to me to do state taxes.”
He acknowledged that his tax liability could be substantial, estimating that if he doesn’t allocate the funds strategically, he might owe approximately $5 million in taxes.
Allen is considering options like donating to charity, establishing a Donor-Advised Fund (DAF), or a Charitable Remainder Trust (CRT) to potentially reduce his tax burden.
Fans have expressed mixed reactions to the tax obligations associated with such large winnings. Some find the tax amounts excessive, with one commenting, “That’s ridiculous, I’d hand it back.”
Credit: Jeffrey Randall Allen / Instagram
Others criticize the taxation system, suggesting that the government takes an unfair share of prize winnings. MrBeast responded to these sentiments on Twitter, highlighting the relative nature of the term “only” concerning the remaining amount after taxes.
The situation underscores the complexities winners face when managing substantial prizes. In the United States, large cash awards are subject to federal taxes, and depending on the winner’s state of residence, additional state taxes may apply. Winners must navigate these financial obligations carefully to maximize the benefits of their prizes.
Allen’s story also brings attention to CTD and the challenges associated with rare genetic disorders. By participating in Beast Games, he aimed to shed light on his son’s condition and secure funding for research and potential treatments.
His journey from a concerned father to a game show champion reflects a profound commitment to his family’s well-being and a desire to make a broader impact.
Beast Games represents MrBeast’s expansion into large-scale reality television, offering unprecedented prize amounts.
The show’s format, inspired by popular series like Squid Game, combines intense physical and mental challenges, attracting a diverse group of contestants. While the substantial prizes are a significant draw, participants must be prepared for the financial responsibilities that accompany such winnings.
As Allen navigates the post-victory landscape, his focus remains on leveraging his winnings to benefit his son’s health and advance research into CTD. His experience serves as a reminder of the unforeseen challenges that can accompany sudden financial windfalls and the importance of strategic planning in managing newfound wealth.