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Lottery pooling and take home winnings

Topic closed. 2 replies. Last post 12 years ago by HEYPHILLIP.

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United States
Member #5387
July 2, 2004
28 Posts
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Posted: March 26, 2005, 6:37 am - IP Logged

I am currently in a permenant lottery pool of guys on my job. there are 13 of us right now the mega millions jackpot is 63 million. and in my state NJ the payout is 27.750.000 million NJ doesn't have sale taxes on lotteries. my question is what would be the take home for 13 people IF we get lucky?

    winnerpick3's avatar - scene sunovermountains.jpg
    pasadena MARYLAND
    United States
    Member #11646
    February 20, 2005
    73 Posts
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    Posted: March 26, 2005, 8:12 am - IP Logged

    2,134,616= 27,750,000 divided by 13 but remember the feds are going to want their share of the money i do believe which depending on your tax bracket will vary from person to person but in any case i dont think you would have to work with any of the people anymore


      United States
      Member #5387
      July 2, 2004
      28 Posts
      Offline
      Posted: March 26, 2005, 8:35 am - IP Logged
      Quote: Originally posted by winnerpick3 on March 26, 2005


      2,134,616= 27,750,000 divided by 13 but remember the feds are going to want their share of the money i do believe which depending on your tax bracket will vary from person to person but in any case i dont think you would have to work with any of the people anymore                                                                     


              Yeh i know what you mean in fact i probably will get hit the most out of the 13 of us in federal taxes because i am single with no dependents. the rest of the guys are married with kids. many pool winners from what i hear hire a group law firm to handle there winnings. i don't know what the benefit is in that.