I have a question about when a group of co-worker hit a jacpot game

Reply #24

JusCurious — Thu, 18 Aug 2011 16:52:22 GMT

In Michigan, all players have to agree on the payout choice. If there is no consensus, they default to a cash payout.

Reply #23

rdgrnr — Thu, 28 Jul 2011 17:47:37 GMT

The world doesn't trust us with the President we have now. Neither do I. He's too flighty. You can't predict what he'll do next.

Gimme the cash and let me convert it into tangibles before he destroys the dollar too.

Reply #22

karinda — Thu, 28 Jul 2011 13:23:44 GMT

Why do you and others who agree with you think the annual payment is the best choice? I'm interested in knowing because my answer is different depending on which day someone asks me. I honestly don't know. If a winner takes the Cash, it still needs to be put into a bank . Try going to the bank the next day and asking for a $10,000,000 withdrawal. ;o If there's a $3000 a day withdrawal limit, it would take 20 years just to get the money out of the bank. lol ;) If a winner takes the annuity, these... [ More ]

Reply #21

TruthSerum — Thu, 28 Jul 2011 03:57:20 GMT

Illinois lotto sued because the insureance company going belly up? The winner lost all of his winnings?

This is a pretty big claim. I did a search for this and came up with nothing which is strange because I think this would be a fairly big story. Do you have a link to an arcticle or anything? I need to see the evidence for this.

Reply #20

dk1421 — Thu, 28 Jul 2011 01:49:51 GMT

With all the State Gov'ts having budget problems.... do you really think they may not think twice before letting you get your annual lottery winnings? Maybe they'll move the payment from February to November, so they can get more interest for all the money they spend. And they won't care if you cry because your Porshe's payment is due in March.

NC gov't holds back people's tax returns for months, even though it's illegal, because they need the interest to pay the people who returned their tax... [ More ]

Reply #19

CashWinner$ — Thu, 28 Jul 2011 00:47:58 GMT

Holy ssshhttt, Unbelievable!! I would go off....

Reply #18

sully16 — Wed, 27 Jul 2011 17:16:40 GMT

Good to know Gasmeterguy, Thanks.

Reply #17

GASMETERGUY — Wed, 27 Jul 2011 16:47:38 GMT

Not quite true. Should the insurance company with which your annuity was placed goes bankrupt, you lose all your money.

Illinois lotto was sued because of an insurance company going belly up. The lotto winner lost all his winnin's.

Reply #16

guesser — Wed, 27 Jul 2011 16:19:40 GMT

When a GROUP of players win a jackpot, after taxes, the amount is usually 'low enough' that an annuity does not make a lot of sense (to them), but it depends on the size of the group, any more than about 3-4 people and it's not 'worth it'.

Reply #15

TruthSerum — Wed, 27 Jul 2011 01:06:52 GMT

I am under the impression that each individual in the group has a choice to choose the annuity or cash option. In 2006 a group won a $208,000,000 jackpot and if you look at the Powerball website it states that it was mixed between annuity and cash option. The is also another group win in 2006 that says mixed. I do not know if the rules have changed since this time.

Reply #14

tiggs95 — Tue, 26 Jul 2011 23:51:45 GMT

Thanks ridge runner but could you slow down a bit tiggs is writing as fast as tiggs can..Please slow down so tiggs don't miss any thing..Thanks palsey walsey.....

Reply #13

rdgrnr — Tue, 26 Jul 2011 23:40:40 GMT

Letting any agency of government have anything to do with, or be in close proximity to money that belongs to you is a huge mistake.

Take the cash and run away from government.

As fast as you possibly can.

If you can't handle money then find someone outside of government to assist you or get your own annuity away from the greedy, grubby hands of government.

Our liberal federal government and all of the liberal state governments think any money you have actually belongs to them. They w... [ More ]

Reply #12

Raven62 — Tue, 28 Jun 2011 13:38:15 GMT

Take a Vote, and the Idiots Would Rule

Reply #11

sully16 — Tue, 28 Jun 2011 13:01:00 GMT

I'd take the cash.

Reply #10

janie47 — Tue, 28 Jun 2011 12:39:12 GMT

annual payment is the best choice I think the group should just take a vote and majority would rule

Reply #9

redhot7 — Tue, 28 Jun 2011 05:12:19 GMT

It's just my humble opinion (though my wording will sound like Dr. Gregory House) but you'd have to be an idiot to take the annual payment option.

One advantage of taking annual payment is you always know there will always be money next year. What if you do stupid things and blow it all of? With one lump sum, you end up with nothing. With annual payment, you will always have money next year.

Reply #8

Epistrophy — Tue, 28 Jun 2011 03:37:44 GMT

Good info from all, and RJ, I remember those bad old days. I can only imagine the conversations that resulted as people said, Well, this is what I paid in taxes followed by, Let me see your return followed by I beg your pardon or something to that effect.

Ridge, you're right in that it should be decided beforehand, but I had read about stories a while back where the disputes among the winning groups delayed the prize payment because they did not all agree on the payment option. As I recall, i... [ More ]

Reply #7

Stack47 — Tue, 28 Jun 2011 03:27:04 GMT

I doubt we'll ever see any Lottery paying half the group in cash and getting annuities for the other half.

Reply #6

RJOh — Tue, 28 Jun 2011 01:39:55 GMT

Use to be most states would only pay one person in a pool and send him a W-2G for the taxes. It was a real concession to allow each pool member to get his own check and W-2G for taxes.

Reply #5

time*treat — Tue, 28 Jun 2011 01:07:42 GMT

Everyone takes the cash payment, then the ones that really want an annuity can go buy one.

Reply #4

mrcoco5 — Tue, 28 Jun 2011 00:50:15 GMT

thank u Mario

Reply #3

mrcoco5 — Tue, 28 Jun 2011 00:49:26 GMT

thank u for the info

Reply #2

Mario38 — Mon, 27 Jun 2011 23:14:12 GMT

Based on past stories, it appears all lottery jurisdictions require the entire group to pick cash or annuity.

There are very few lottery games in Canada that pay annuities. That ones that do, dictate a cash payout if it is a group win.

Reply #1

rdgrnr — Mon, 27 Jun 2011 21:56:03 GMT

You have all that decided before you even start playing any games.

You take the cash.

I have a question about when a group of co-worker hit a jacpot game

mrcoco5 — Mon, 27 Jun 2011 21:28:34 GMT

I have always wonder when you have a group of people get a in pool lets say at work and they hit a jackpot game like powerball and they go cash their ticket in and some want the cash payout and some wants the annual payment does the lottery office make all of the players pick just one way of paying there winnings