How are jackpots split if 10 people won at a workplace?

Reply #6

PrisonerSix — Tue, 21 Apr 2009 01:01:00 GMT

Every state is different on this. Some states will issue multiple checks to a pool of winners, and some will only issue one check. My state, Louisiana, will only issue one check.

However, regardless of which state you are in, an IRS form 5754 will have to be completed detailing the names, addresses, and SS numbers of the winners. This is the form if you want to take a look:

http://www.irs.gov/pub/irs-pdf/f5754.pdf

That form has to be filled out so it can be determined how to sp... [ More ]

Reply #5

grandpajohn — Mon, 20 Apr 2009 23:47:41 GMT

most are split 10 ways.In Ohio were I am from they were 14 co-workers and a family member of a worker 15 in all who all put in $1.00 and one person put $2.00 they all split the money and the one who played the $2 got another share 14 got $6.3 million and the one got $12.6 million.

Reply #4

KY Floyd — Mon, 20 Apr 2009 19:36:19 GMT

The lottery generally doesn't do anything to make sure it's a fair split, unless somebody starts a legal proceeding before the prize is paid. Depending on the state they either write a single check or they write multiple checks based on what they're told by the person(s) presenting the winning ticket. It's up to the group to make sure the prize is distributed properly. Unless the state allows the winners to remain anonymous having the entire group make the claim to the lottery is foolish. One pe... [ More ]

Reply #3

SmoothJuice — Mon, 20 Apr 2009 02:31:10 GMT

Well. I am the one who is holding the 100 tickets now. I made copy of all of the tickets to 10 of the people. And I ain't gonna run because these are my best buds.

Reply #2

SpanaUnlimited — Sun, 19 Apr 2009 22:51:37 GMT

In this situation it may be best to claim the prize under a trust or LLC. That means obtaining an employer Tax-ID number to handle all of the tax issues and distribution of funds. Before you or the group does anything....it might be best contact a tax professional to handle the semantics.

It is also a good idea to make sure the tickets are purchased in advance so enough time can be made to copy the purchased tickets and give copies to each contributor to the pool. The last thing you wan... [ More ]

Reply #1

RJOh — Sun, 19 Apr 2009 21:46:04 GMT

Depends on the state. Most states will allow a large jackpot to be split among the members of a group if a form with the social security numbers of its member is turned in however smaller winnings can only be claimed by one person who is responsible for all the taxes. Most states lottery websites explain their rules for during this under their How to claim your winnings section.

How are jackpots split if 10 people won at a workplace?

SmoothJuice — Sun, 19 Apr 2009 21:26:01 GMT

Just wondering. Do all 10 claim it and pay individual taxes? Is it already divided evenly to the 10 people? What does the lottery do to make it a fair split amongst the workplace workers?

This is regarding Mega Millions