Welcome Guest
Log In | Register )
You last visited December 4, 2016, 11:27 pm
All times shown are
Eastern Time (GMT-5:00)

So you have the winning ticket, now what?

Topic closed. 23 replies. Last post 9 years ago by AuntiePat.

Page 2 of 2
PrintE-mailLink
MissNYC's avatar - diva
Westchester, New York
United States
Member #49345
January 27, 2007
168 Posts
Offline
Posted: August 13, 2007, 9:39 am - IP Logged

This is from my research about playing the powerball in Pennsylvania and also being a Pennsylvania resident...

(also not an attorney ;-)  )

you win

A) SIGN the ticket.

B) On the PA Lottery website,they list a phone number that you can call and ask what you need to do next. They WILL release your name/hometown/amount won/where you bought it... you CAN however refuse photos and the press conference/cardboard check ceremony.

C) Check to see if your bank participates in CDARS, this will allow FDIC insurance in a large Certificate of Deposit for up to 30,000,000, standard bank accounts allow for only 100,000 insurance. IF they do, ask them for an electronic transfer number, you will need that at lottery HQ.

D) IF you are preparing a revocable trust, you need to have it notarized and completed, I think you can sign the ticket as

"XYZ Trust... your name TRUSTEE"... they STILL release your name, but if you are creative with naming the trust you might fool some into thinking it's a group of people rather than an individual ;-)

you get to lottery HQ

E) You need proof of ID, your electronic transfer number, the winning ticket(of course),and a COPY of the trust. I don't know if you need anything else as I got that from correspondence with the PA lottery, but when you call they can tell you what else you need.

F) You will fill out form IRS1099G, you WILL owe more than the 25% they withhold, but you have to pay that later with a different IRS form, not sure of the number of that form.

G) You WILL leave that day empty-handed, so MAKE A COPY OF FRONT AND BACK OF THE TICKET!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Before you go. (And AFTER you sign it) In Pennsylvania the "validation" process can take up to 8 weeks, so you can't just quit your job... BUT the boss might axe you when your name is announced (THIS is but one of the many issues I have with PA's policy of announcing the name before paying up). During this process, they WILL check to see if

...1)You owe any back child support

...2)You are required to pay back any welfare

...3)You have judgement against you for any crime that would require monetary reimbursement

that will be deducted before you get a dime.

H) GIFTS... anything over 12k in one tax year will require BOTH YOU and the recipient to pay a gift tax.

There are a number of things above that will require at minimum an Attorney and a Tax Specialist, so be sure to consult with them before doing anything (but of course AFTER you sign the ticket... that is the important part)

Another great answer! And the CDARS program is good to know in general. I wonder what happens if, lets say, I drive to CT to play the Powerball (I'm from NY). Do I pay CT taxes or NY taxes? I hope not both!

"If you just keep believing, that dream that you wish will come true"

Bed

 

    tiggs95's avatar - Lottery-036.jpg

    United States
    Member #47420
    November 4, 2006
    3930 Posts
    Offline
    Posted: August 13, 2007, 1:00 pm - IP Logged

    You mean to tell me if I buy 32 tickets at one store on Sunday 22 tickets on monday 3 tickets on weds and 7 more tickets on weds and all from different stores and different citie's I'm suposed to rememebr what store and at what time I bougt them all??..Stupid........

      tnlotto1's avatar - logo
      nashville
      United States
      Member #49896
      February 18, 2007
      1181 Posts
      Offline
      Posted: August 13, 2007, 1:20 pm - IP Logged

      You mean to tell me if I buy 32 tickets at one store on Sunday 22 tickets on monday 3 tickets on weds and 7 more tickets on weds and all from different stores and different citie's I'm suposed to rememebr what store and at what time I bougt them all??..Stupid........

      I Agree!    i know what you mean tiggs because when i first heard that the lottery asks you where you bought your ticket and that is how they have discovered some scammers and thieves because they couldnt answer where they bought the ticket or how many tickets they bought at that time, i started to write on my ticket where i bought it but after losing for so long i would forget to do it overtime so now i would just wait to claim my ticket and check the news so maybe they will announce where the ticket was purchased and then that will refresh my memory of how many tickets i bought at that particular location.

        hypersoniq's avatar - 8ball
        Pennsylvania
        United States
        Member #1340
        April 6, 2003
        2450 Posts
        Offline
        Posted: August 14, 2007, 11:37 pm - IP Logged

        Can't say for sure, but I believe you would owe taxes in both states.

        The way it works in PA, IF you are a PA resident and win here you are exempt from all state AND local taxes. Which is why I would take the lump sum and then move ;-)

        Definitely hire a Tax Attorney if you win across state lines...

        I hope one day we ALL get the chanceto find out first hand ;-)

        Playing more than one ticket per game is betting against yourself.

          guesser's avatar - Lottery-017.jpg

          United States
          Member #41383
          June 16, 2006
          1969 Posts
          Offline
          Posted: August 14, 2007, 11:47 pm - IP Logged

          You mean to tell me if I buy 32 tickets at one store on Sunday 22 tickets on monday 3 tickets on weds and 7 more tickets on weds and all from different stores and different citie's I'm suposed to rememebr what store and at what time I bougt them all??..Stupid........

          No, the folks at HQ will tell you where and when the ticket was purchased (if you bring it to them), if it was a QP or not, and how many other games are on that ticket.

          And, if you call them on the phone and say you have the winning ticket, if you can't tell them where or when you got it, they will not believe you. Reason being every drawing brings out about 20 people that call saying they have the winning ticket, when they don't.

          You should have a list of where you bought your tickets so you can at least name off where the places were you bought them, if one of them is true, then they will take you more seriously.

          All of the questions they ask are to rule out nut jobs or people that may have acquired the ticket under false pretenses (ie: stole it). 

            RJOh's avatar - chipmunk
            mid-Ohio
            United States
            Member #9
            March 24, 2001
            19823 Posts
            Online
            Posted: August 15, 2007, 12:43 am - IP Logged

            You mean to tell me if I buy 32 tickets at one store on Sunday 22 tickets on monday 3 tickets on weds and 7 more tickets on weds and all from different stores and different citie's I'm suposed to rememebr what store and at what time I bougt them all??..Stupid........

            When I was traveling through your state last summer on Rt23, I saw several stores with signs that read "Only cash winning lottery tickets bought here".  So I would think you would be use to keeping track of where you bought your tickets.

             * you don't need to buy more tickets, just buy a winning ticket * 
               
                         Evil Looking       

              time*treat's avatar - radar

              United States
              Member #13130
              March 30, 2005
              2171 Posts
              Offline
              Posted: August 15, 2007, 12:29 pm - IP Logged

              Another great answer! And the CDARS program is good to know in general. I wonder what happens if, lets say, I drive to CT to play the Powerball (I'm from NY). Do I pay CT taxes or NY taxes? I hope not both!

              Of course, the answer is "it depends".

              If CT & NY have a "reciprocal agreement", you would get a credit towards your NY tax return of the 5% you paid in Connecticut, because NY has higher rates.

              Otherwise you'd pay both, if NY taxes its residents on all income regardless of where earned.

              In either case, you wind up filing two state income tax returns. The same as if you worked in one state and lived in another.

              In neo-conned Amerika, bank robs you.
              Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                time*treat's avatar - radar

                United States
                Member #13130
                March 30, 2005
                2171 Posts
                Offline
                Posted: August 15, 2007, 12:38 pm - IP Logged

                You mean to tell me if I buy 32 tickets at one store on Sunday 22 tickets on monday 3 tickets on weds and 7 more tickets on weds and all from different stores and different citie's I'm suposed to rememebr what store and at what time I bougt them all??..Stupid........

                It's highly unlikely that you will have major wins on each of those days. Prizes too big to be paid at the retailer are the ones that get the extra scrutiny.

                If you are a serious enough player to do that much buying (and winning) and traveling, you would be tracking your buys, locations, and P&L, for tax purposes anyway.

                In neo-conned Amerika, bank robs you.
                Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                  AuntiePat's avatar - animaniacs10
                  Just outside of Cleveland, OH
                  United States
                  Member #54079
                  August 3, 2007
                  106 Posts
                  Offline
                  Posted: August 15, 2007, 2:19 pm - IP Logged

                  So you have the winning ticket, now what ?

                  Banana  I will party until I Thud

                  Somehow I missed this respponse--for all my talk about post tax figures, Trust Departments--it all comes down to what you stated--

                  or to rephrase in one of the Dead languages I studied in college 40 yrs ago:

                   

                   

                  Righteous, Dude