Powerball billionaire Theodrous Struyck prepares to lose $620K in 48 hours as nationwide deadline looms

TIME is ticking for Theodrous Struyck, the recent Powerball billionaire, as he faces the loss of a staggering $620,000 with tax day nearing.

The $1.7 billion jackpot called for 37% of federal taxes to be taken out leaving Struyck, 65, with around 1,600,990,380.

The Powerball ticket was purchased in Frazier Park, California, and the state is also one of the few that don't tax lotto winnings.

However, Struyck won’t receive the full amount of the winnings because he was just one of a group of people who bought the tickets.

Struyck is just the only person who has publicly come forward as the winner.

Tax day is looming around the corner on April 15 and winners of the Powerball jackpot will have to pay up for the 2023 season.

LUMP SUM

It is also unclear if Struyck and the other winners decided to take the lump sum cash option of $774.1 million.

If the lump sum was chosen, Struyck and the others would lose about $286,417,000.

This would make a grand total of $487,683,000.

The winner of the largest Powerball jackpot in history, Edwin Castro, who claimed his prize in 2022 decided to take the lump sum.

Castro received $997.6 million before taxes on his $2.04 billion jackpot.

The largest Powerball jackpot winner also bought his ticket in California, so after taxes, he received $628.488 million dollars.

California does not allow people who win the Powerball to come forward as a trust which is what led Struyck to be the one to claim the prize publicly for his group.

Lottery prizes: Lump sum vs Annuity

Lottery winners throughout the US must make a tough decision about how they want to claim their prizes.

What is a lump sum payment?

• Lottery winners can accept a one-time cash payout.
• Although a winner would lose a chunk of their payout to taxes, they would likely lose more over time with annual payouts.

What are annual payments?

• Installments are paid out as one immediate payment followed by a series of annual payments.
• This guarantees money to come in for years or even decades, but some winners worry tax rates may increase over time.

"To invest better you need to not only choose a good, low-cost, diversified portfolio," said Charles Weeks, the founding partner of Barrister, via USA Today.

"You will also need to make sure you control your emotions in good markets and bad."

TAXES FOR A CAUSE

However, the other people may never come forward now that Struck has so the public may never know how much each person gets from the jackpot.

California also raises money for public schools with tax money received from lottery winnings.

Struyck’s jackpot raised $119.5 million for California public schools.

“Announcing big wins like this gives all of our players the chance to hope and dream that they could be next,” California Lottery Director Harjinder K. Shergill Chima said in a news release.

“But it also gives us an opportunity to shine the spotlight on our terrific mission, which is to generate additional, supplemental funding for public education in California.

“So, it’s students of all ages across the state, who win every day thanks to our players, our retail partners who sell these fun games, and our hard-working staff here at the lottery.

“This is an exciting day for all of us!”

WHO IS THEODORUS STRUYCK

Struyck recently claimed the $1.7 billion jackpot on March 15 which was the second-largest Powerball jackpot in history.

He lives in a small California mountain town with a population of about 3,000 and has been described as a family man who loves his grandchildren.

“He adores his grandchildren,” Struyck’s neighbor Mary Dreier told NBC affiliate KGET.

“He’s just really pleasant to have around.”

“He’s just really pleasant to have around.”

Struyck has lived in a cozy home since 2010 that is worth about $90,000.

He had to remortgage his home in 2015 which hinted he was struggling with money before his jackpot win.

The new lotto winner has tried to stay private since he came forward to claim the prize.

10 Biggest US Lottery Winners

1. $2.04 billion - Edwin Casto - Powerball
2. $1.765 billion - Theodorus Struyck - Powerball
3. $1.59 billion - Split by three people - Powerball
4. $1.58 billion - Saltine’s Holdings LLC - Mega Millions
5. $1.54 billion - Anonymous - Mega Millions
6. $1.35 billion - Anonymous - Mega Millions
7. $1.34 billion - Anonymous - Mega Millions
8. $1.13 billion - Unknown - Mega Millions
9. $1.08 billion - Yanira Alvarez - Powerball
10. $1.05 billion - FLL Club of Oakland County - Mega Millions