The check will be for 64K.
There will be total of about 35K federal tax due on your return of which 16K will be withheld from the check.
You will have to see how much withholding you and your wife have from your wages (or expect to have at year end) to know how much of the 64 K can be spent or needs to be used for taxes.
Take 19K and subtract what you will have withheld for federal other than the distribution such as from your wages. That difference is the federal tax you will still need.
For example if you have 10K from your wages taken out for federal tax then you only need another 9K (19K -10K) for tax and the balance of 55K (64K-9K) of the distribution check can be used as you like.
In that example you can use 55K of the 64K check.
If you will have less than 10K withheld from your wage checks then more would be needed and less than 55K could be spent.
40% of 80K is 32K and that would leave 48K to spend from the distribution.
It seems that may be enough since your federal tax of about 35K plus state tax of about 9K is 44K so you need another 12K tax paid in somehow.
You will have your usual taxes taken from your wages to help get the 44K total tax paid in.
So, you can plan to spend a bit less than 60% of the distribution but just how much depends on the amount that will be kept from your wages for taxes.
Please continue to ask until you have good service and then rate again, thanks.