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Group Claim Form?

Topic closed. 6 replies. Last post 8 years ago by ambelamba.

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Entertaiment Capital
United States
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April 19, 2006
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Posted: April 20, 2009, 12:53 am - IP Logged

 I read about this from a lottery guide book. What do you guys know about this? Seems like the form allows me to share the prize with my family members without worrying about the gift tax. Basically, you add your family members as the co-claimants, then assign percentages of the winning to them. (ie: me-60%, dad-10%, mom-10%...etc)

 When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

    djklaugh's avatar - Lottery-031.jpg
    Portland,Oregon
    United States
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    April 25, 2005
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    Posted: April 20, 2009, 5:42 pm - IP Logged

     I read about this from a lottery guide book. What do you guys know about this? Seems like the form allows me to share the prize with my family members without worrying about the gift tax. Basically, you add your family members as the co-claimants, then assign percentages of the winning to them. (ie: me-60%, dad-10%, mom-10%...etc)

     When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

    No gift tax? Well true, but each recipient would be responsible for taxes owed on their percentage of the jackpot.

    Djklaugh

      Some things have to be believed to be seen.

    "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison

      RJOh's avatar - chipmunk
      mid-Ohio
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      March 24, 2001
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      Posted: April 20, 2009, 6:06 pm - IP Logged

       I read about this from a lottery guide book. What do you guys know about this? Seems like the form allows me to share the prize with my family members without worrying about the gift tax. Basically, you add your family members as the co-claimants, then assign percentages of the winning to them. (ie: me-60%, dad-10%, mom-10%...etc)

       When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

      When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

      Why would that surprise you?  I doubt if more than a couple of the members has ever had a chance to share a lottery jackpot, either one that they won or one someone else won and wanted to share it with them .

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

        grandpajohn's avatar - Lottery-050.jpg
        williamsburg,ohio
        United States
        Member #71029
        February 17, 2009
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        Posted: April 21, 2009, 12:48 am - IP Logged

         I read about this from a lottery guide book. What do you guys know about this? Seems like the form allows me to share the prize with my family members without worrying about the gift tax. Basically, you add your family members as the co-claimants, then assign percentages of the winning to them. (ie: me-60%, dad-10%, mom-10%...etc)

         When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

        I think you may need to split it by how many people you plan on giving money too and they pay there share of taxes.What i have seen in the past is most states will write more than one check but at a even amount.Now if you wanted to give money to family members then your have to deal with gift tax.

        "Don't Give Up.Don't Ever Give Up"

        Jim Valvano ex N.C.State basketball coach Thumbs Up

          BobP's avatar - bobp avatar.png
          Dump Water Florida
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          June 5, 2002
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          Posted: April 21, 2009, 5:45 pm - IP Logged

           I read about this from a lottery guide book. What do you guys know about this? Seems like the form allows me to share the prize with my family members without worrying about the gift tax. Basically, you add your family members as the co-claimants, then assign percentages of the winning to them. (ie: me-60%, dad-10%, mom-10%...etc)

           When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

          Maybe because not every state has a group claim or pool form and those that do vary including having to fill it out and file it before playing, and everyone shares evenly.  Check with your lottery web site, call the office, if you get someone that only "thinks" they know the answer ask for someone who actually knows and get a copy.

          BobP

          "The rules of your village are not the laws of the universe." Robert Heinlein

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            Kentucky
            United States
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            February 14, 2006
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            Posted: April 21, 2009, 10:04 pm - IP Logged

             I read about this from a lottery guide book. What do you guys know about this? Seems like the form allows me to share the prize with my family members without worrying about the gift tax. Basically, you add your family members as the co-claimants, then assign percentages of the winning to them. (ie: me-60%, dad-10%, mom-10%...etc)

             When I mentioned about sharing the prize, some of you guys didn't seem to know about the form. It's kinda interesting.

            It depends on which state lottery. You can split the jackpot in half with Mom or Dad or all three of you will get  1/3, but I know of no state lottery that will allow you to portion it out in unequal amounts.

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              Entertaiment Capital
              United States
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              April 19, 2006
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              Posted: May 10, 2009, 11:26 pm - IP Logged

              It depends on which state lottery. You can split the jackpot in half with Mom or Dad or all three of you will get  1/3, but I know of no state lottery that will allow you to portion it out in unequal amounts.

               I checked a book titled Lottery-Winners' Guide. It says some states allow you to share some percentage with others.