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Question on Pools

Topic closed. 7 replies. Last post 9 years ago by rhynodvr.

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tntea's avatar - Lottery-059.jpg

United States
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Posted: December 11, 2007, 9:47 pm - IP Logged

Let's say a pool of 10 people hit.. How many checks are written after taxes?  10 ..or just one to be split..

I thought 10.. but was told by a customer tonight he read only 1...

Any one have a clue?

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    United States
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    June 22, 2005
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    Posted: December 11, 2007, 9:54 pm - IP Logged

    I don't think the officials care how the tickets were purchased or how many people were involved, as long as one of those tickets had the winning combo, whomever was responsible for claiming that ticket would have the responsibility on how to manage it.

    It would be the same as if I bought 10 tix myself. They couldn't tell if I bought them all, or ten individuals chipped in.

      BobP's avatar - bobp avatar.png
      Dump Water Florida
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      Posted: December 11, 2007, 10:08 pm - IP Logged

      Let's say a pool of 10 people hit.. How many checks are written after taxes?  10 ..or just one to be split..

      I thought 10.. but was told by a customer tonight he read only 1...

      Any one have a clue?

      I think you had better find out before you win and someone has to sign the back of the ticket and be responsible for the taxes.  I think it varies from state to state where some have a form for pools and handle it may be writing a check to each member while other state's want to know if anyone paid more then ticket price and call it scalping if you charged more then what you paid for the tickets.

      If your state site index doesn't include pool information send them an email and ask, you might have to form a partnership before you can collect unless you want to be on the hook for everyone's taxes for 20 years. 

      BobP

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        NASHVILLE, TENN
        United States
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        February 20, 2006
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        Posted: December 11, 2007, 11:04 pm - IP Logged

        I think you had better find out before you win and someone has to sign the back of the ticket and be responsible for the taxes.  I think it varies from state to state where some have a form for pools and handle it may be writing a check to each member while other state's want to know if anyone paid more then ticket price and call it scalping if you charged more then what you paid for the tickets.

        If your state site index doesn't include pool information send them an email and ask, you might have to form a partnership before you can collect unless you want to be on the hook for everyone's taxes for 20 years. 

        BobP

                Good advice on so many levels.  Call the Lotto people BEFORE you win.  There will be fewer headaches that way.

             And then let us know which state and what they said.  I don't participate in pools myself but would be interested in knowing the rules.

          time*treat's avatar - radar

          United States
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          Posted: December 11, 2007, 11:09 pm - IP Logged

          Let's say a pool of 10 people hit.. How many checks are written after taxes?  10 ..or just one to be split..

          I thought 10.. but was told by a customer tonight he read only 1...

          Any one have a clue?

          It depends on the state. If you go to your state's website, a question like this can sometimes be found in their FAQ.

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

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            NY
            United States
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            October 16, 2005
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            Posted: December 12, 2007, 3:08 am - IP Logged

            As time*treat says, it varies from state to state. Some will only write a single check and others will write multiple checks, possibly in different amounts if the money isn't to be split evenly.

            You might find the answer on your state's website, but how curious are you? The chnaces that you'll actually need to know are extrenmely small, and it doesn't matter anyway, unless you plan to stop playing if you don't like how they do it. It's a trivial matter for one person to collect and disburse the funds. Having a written agreement that  will prevent arguments that have nothing to do with your state's policies is far more challenging.

              tntea's avatar - Lottery-059.jpg

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              Posted: December 12, 2007, 8:23 pm - IP Logged

              Can a group of people share a prize?

              Yes, lottery prizes can be shared. Winners can decide how to share the prize before they claim it. However, the TEL will only issue one check for any prize won. The check can be issued to an individual, corporation, organization, partnership, trust or estate. Any non-individual claim must provide documentation of authority to the TEL before the prize is paid. The TEL will accept Internal Revenue Service (IRS) Form 5754 if a group of individuals are claiming a prize. The form must be provided at the time the prize is claimed, and each of the group members will be subject to all applicable Federal, State and debt setoff withholdings and identification requirements. Please go to www.irs.gov to obtain instructions and Form 5754 prior to arriving at TEL.

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                Oklahoma City
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                December 26, 2007
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                Posted: December 26, 2007, 11:11 am - IP Logged

                I just read the Oklahoma lottery rule and regs page. I f you are in a pool there is a form that has to be filled out. One person may claim for the group but must have photo copies of everyone in the pools two forms of idenity. Also they need wriiten permission for the lottery to release your check to them, otherwise they will be mailed to you. So ten members in the pool, ten checks.