Claiming winnings in a lottery pool

Reply #1

ThinkBig — Sat, 24 Jul 2004 02:29:35 GMT

Here is something I got in the email concerning lotto pools. Actually, this was from two different lottery officials. Hope this helps....1. Most states only issue a single check. If you split a ticket and win, you should form a partnership, call the IRS for a tax number, before cashing the jackpot winning ticket. The state would then pay the partnership, the partnership would split the money and report that split to the IRS.2. The Lottery only allows one individual to claim a prize unless it's... [ More ]

Claiming winnings in a lottery pool

PrisonerSix — Fri, 23 Jul 2004 18:40:49 GMT

Presently, me and a coworker are doing a Lotto pool together. I checked the claim form for my state and only one person can claim a prize. If we win, one will get stuck with the taxes, and that isn't right. I'm trying to figure out the best way to claim it tax wise if we win.I've seen a few things about getting a Federal Tax ID number and claiming it as an entity, then distributing the winnings between the us, and turning over some to the IRS. The particular game we're playing doesn't have an... [ More ]