Powerball winners have cause for thanks

Comment #4

vincejr — Mon, 01 Dec 2003 02:22:35 GMT

Todd,I know that there are states that force the annuity/lump sum decision at point of purchase; Virginia used to do this but changed about 7 years ago. That is why I qualified my statement by saying lotteries that allow cash option/annuity choices at claiming (as opposed to at purchase) .As for the division of winnings for pools, if a lottery allows for a claimed prize to be split among multiple claimants (at the time of claiming), then they must follow the IRS regulations for both tax withold... [ More ]

Comment #3

Todd — Sun, 30 Nov 2003 01:30:47 GMT

vince, that option is NOT available for all lotteries. Some clear examples of this are New York and Texas, both of which do NOT allow the winner to change their mind after the draw. Also, there is a wide variation among state lotteries as to how they treat pools. Some will divide the winnings, while others will not. I'm sure that among those states that will divide the winnings, there is not a standard way followed by all states.

Comment #2

vincejr — Sun, 30 Nov 2003 00:24:06 GMT

Cash,I think that is an option for all lotteries that allow cash option/annuity choices at claiming (as opposed to at purchase). The IRS regs say that a winner has 60 days from time of claiming to declare which they choose (or else it is assumed for taxes that they took the lump sum). And, most lotteries treat lottery partnerships/pools/etc. as groups of individual winners for IRS regs (unless they formed a legal partnership or trust, which, in that case, the partnership/trust is the actual lega... [ More ]

Comment #1

CASH Only — Fri, 28 Nov 2003 13:08:50 GMT

I didn't know that EACH of the 16 women could choose between cash or the annuity. Is this Minnesota only, or all MUSL members

Powerball winners have cause for thanks

Lottery Post — Fri, 28 Nov 2003 11:12:11 GMT

The lottery-winning Holdingford lunch ladies have lots to be thankful for this year.Armed with recipes, the women are ready for the holidays. The 16 Holdingford school district employees won half of a $190.9 million Powerball jackpot in October. Since then, they've traveled to Hollywood, but they hope to have a relaxing Thanksgiving closer to home.Fifteen of the 16 opted to take the single-payment cash option, which was worth $2.1 million apiece after taxes. The other was still deciding between... [ More ]