Yet another tax question

Reply #3

stripesnsolids — Tue, 21 Dec 2010 00:19:41 GMT

I went to the GLC website and it says they will only pay one person or entity so that answers that question.

Reply #2

savagegoose — Mon, 20 Dec 2010 20:10:42 GMT

pretty sure if its claimed as a group win its taxed on a personal basis. sometimes you see families win and 5 people get equal shares, the tax burden may prob be lowered, and if you give money after the win is there some gift tax involved

Reply #1

time*treat — Sun, 19 Dec 2010 04:30:32 GMT

Each state has its own rules.

Yet another tax question

stripesnsolids — Sun, 19 Dec 2010 02:09:14 GMT

When it comes to splitting a jackpot with a group of people is the whole group payout amount taxed right off the top and then split or is the 25% + state tax witheld from each persons cut