So you have the winning ticket, now what?Prev Topic Next Topic

New Topic New Poll

MissNYC

Westchester, New York
United States
Member #49,343
January 27, 2007
168 Posts
Offline

Aug 13, 2007, 9:39 am

Quote: Originally posted by hypersoniq on Aug 12, 2007
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"
tiggs95

United States
Member #47,419
November 4, 2006
3,930 Posts
Offline

Aug 13, 2007, 1:00 pm

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

nashville
United States
Member #49,894
February 18, 2007
1,181 Posts
Offline

Aug 13, 2007, 1:20 pm

Quote: Originally posted by tiggs95 on Aug 13, 2007
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 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

Pennsylvania
United States
Member #1,340
April 6, 2003
2,581 Posts
Offline

Aug 14, 2007, 11:37 pm

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 ;-)

Have an EXCELlent day!
guesser

United States
Member #41,382
June 16, 2006
1,969 Posts
Offline

Aug 14, 2007, 11:47 pm

Quote: Originally posted by tiggs95 on Aug 13, 2007
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

100

mid-Ohio
United States
Member #9
March 24, 2001
20,272 Posts
Offline

Aug 15, 2007, 12:43 am

Quote: Originally posted by tiggs95 on Aug 13, 2007
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 every combination, just the winning ones *
time*treat

United States
Member #13,130
March 30, 2005
2,171 Posts
Offline

Aug 15, 2007, 12:29 pm

Quote: Originally posted by MissNYC on Aug 13, 2007
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

United States
Member #13,130
March 30, 2005
2,171 Posts
Offline

Aug 15, 2007, 12:38 pm

Quote: Originally posted by tiggs95 on Aug 13, 2007
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

Just outside of Cleveland, OH
United States
Member #54,077
August 3, 2007
106 Posts
Offline

Aug 15, 2007, 2:19 pm

Quote: Originally posted by DoubleDown on Aug 6, 2007
So you have the winning ticket, now what ?
I will party until I

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

New Topic New Poll

Subscribe to this topic

So you have the winning ticket, now what?Prev TopicNext Topic

So you have the winning ticket, now what?Prev Topic Next Topic