Meet Edwin Castro, Winner of California's Record-Breaking $2.04 Billion Powerball
Largest-Ever Jackpot Paid Out in a Single Lump Sum
Castro Opts for Quick Payout, Will Pay Taxes April 15
In a historic win, Edwin Castro has been identified as the winner of California's record-breaking $2.04 billion Powerball jackpot. Castro opted for a lump sum payment of $997.6 million, becoming the single largest cash payout in lottery history.
According to lottery officials, Castro will face substantial tax burdens on his winnings. As per IRS regulations, 24% of the prize money will be withheld for federal taxes, resulting in a payment of approximately $240 million. Additionally, Castro will owe an estimated 13% in extra taxes on the winnings, totaling around $130 million.
This means that Castro will need to pay approximately $370 million in taxes by April 15th. Despite the hefty tax liability, Castro's net winnings are estimated to be around $628.5 million, a substantial sum that will undoubtedly change his life forever.
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