Taxes

Reply #3

Lotto Motto — Tue, 02 Jun 2026 08:55:07 GMT

I'm pretty sure you guys will just share one tax lump sum since you won as one group. I could be wrong and I will gladly accept any corrections.

Reply #2

KY Floyd — Tue, 26 May 2026 04:35:31 GMT

I'm not clear on just what and how much you don't know, but regardless of the corporate structure companies only pay income taxes on net profits. Even the most profitable company can have no net profit if they pay enough money for things that are deductible. In an LLC the money typically passes through to the owner(s) so the LLC has no tax liability and the money is taxable as income of the owner(s).

Things will be a bit more complicated if a lottery prize is claimed by an LLC using its own... [ More ]

Reply #1

JustMaybe — Fri, 22 May 2026 20:12:12 GMT

Now each member will be taxed again. That's double tax in my opinion. Can each member get a tax credit for what was initially PD by the LLC. If so how.

Depending on how much you individually win, you may owe taxes or not. If say everyone walks away with 10K, you may actually get a refund, depending with your other income and what tax brackets that puts you at.

However if everyone is walking away with more than 700K, that will definitely put you at the highest tax bracket 37%, so on top... [ More ]

Taxes

Booroo — Fri, 22 May 2026 15:27:03 GMT

I'm a member of a large group that have been playing for years. When the time comes and we win I know a tax attorney and accountant is suggested. I have read a LLC or of sort will be needed to claim the one check prise. My question is......... I know the Florida lottery collects 24 percent before issuing the check to the LLC and the LLC will distribute equal checks to each member. Now each member will be taxed again. That's double tax in my opinion. Can each member get a tax credit for what was... [ More ]