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Topic closed. 7 replies. Last post 2 years ago by SergeM.

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September 20, 2014
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Posted: September 20, 2014, 7:12 pm - IP Logged

So this is more just asking around for any advice anyone may have, but some co-workers have decided to create a lottery pool at my work. I personally have never gambled before (Aside from scratch offs) but I told them I'd join if they did do it. Now, they asked me if I would be willing to be the person to cash the tickets should any winning tickets show up. I have no problem with that either....but I know there's more to it than just cashing a ticket.

 

I believe it's anything over $600 needs to be claimed on taxes and I guess I am looking for any help on how much of the winnings should I keep to pay for these taxes that'll come from this. I discussed it with H&R Block and they basically said that the amount would vary depending on the tax bracket it puts me into and that it would be easiest that if I ever came across a larger sized win, to see them and they would give me their best estimate.

 

Anyway, does anyone participate in similar group lottery pools and have any advice? (On this topic or in general on the situation, I'll take any advice I can get!)

    aux8b's avatar - home

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    January 19, 2008
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    Posted: September 20, 2014, 7:44 pm - IP Logged

    See Ya!Go to form, then type in lottery pools in the search box.

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      Kentucky
      United States
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      February 14, 2006
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      Posted: September 20, 2014, 9:09 pm - IP Logged

      So this is more just asking around for any advice anyone may have, but some co-workers have decided to create a lottery pool at my work. I personally have never gambled before (Aside from scratch offs) but I told them I'd join if they did do it. Now, they asked me if I would be willing to be the person to cash the tickets should any winning tickets show up. I have no problem with that either....but I know there's more to it than just cashing a ticket.

       

      I believe it's anything over $600 needs to be claimed on taxes and I guess I am looking for any help on how much of the winnings should I keep to pay for these taxes that'll come from this. I discussed it with H&R Block and they basically said that the amount would vary depending on the tax bracket it puts me into and that it would be easiest that if I ever came across a larger sized win, to see them and they would give me their best estimate.

       

      Anyway, does anyone participate in similar group lottery pools and have any advice? (On this topic or in general on the situation, I'll take any advice I can get!)

      I'm assuming the pool will be PB, MM or a state lotto game so only one or two secondary prizes should concern you. In some states only one person can claim the ticket and they will bare any tax burden. Some of the prize could be held for taxes unless you're really generous. For prizes over $1 million, claim it as a group because the taxes will be much lower for many than just for one.

      That being said, the best advice is probably contacting you state lottery and asking them.

        RJOh's avatar - chipmunk
        mid-Ohio
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        Member #9
        March 24, 2001
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        Posted: September 21, 2014, 12:50 pm - IP Logged

        So this is more just asking around for any advice anyone may have, but some co-workers have decided to create a lottery pool at my work. I personally have never gambled before (Aside from scratch offs) but I told them I'd join if they did do it. Now, they asked me if I would be willing to be the person to cash the tickets should any winning tickets show up. I have no problem with that either....but I know there's more to it than just cashing a ticket.

         

        I believe it's anything over $600 needs to be claimed on taxes and I guess I am looking for any help on how much of the winnings should I keep to pay for these taxes that'll come from this. I discussed it with H&R Block and they basically said that the amount would vary depending on the tax bracket it puts me into and that it would be easiest that if I ever came across a larger sized win, to see them and they would give me their best estimate.

         

        Anyway, does anyone participate in similar group lottery pools and have any advice? (On this topic or in general on the situation, I'll take any advice I can get!)

        Before I retired I was in a work pool that played the local 6/49 game and we matched 5of6 for $1500 several times.  To cash the tickets and avoid any member having to pay extra taxes we allowed  a full time college student not working to cash it.  He/she was allowed to keep 10% of the prize for taxes and given an equal share of the remaining $1350.  As a full time student supported by his/her parents of which one was a member of our pool, their taxes amounted to nothing.  We just had to draw straws to pick the student. 

        Had we won the jackpot we would have claimed it as a group and every pool member would have been responsible for his own share of the taxes.

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

          SergeM's avatar - slow icon.png
          Economy class
          Belgium
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          February 27, 2012
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          Posted: September 21, 2014, 1:52 pm - IP Logged

          Around here the winnings are pre-taxed as I have been told. Since you can't win much in proportion, it would make sense to put losses in the tax declaration. Let's just play it like a business, you don't make money, you don't pay taxes ..., until you come out of the losses.

            SergeM's avatar - slow icon.png
            Economy class
            Belgium
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            Posted: September 21, 2014, 1:55 pm - IP Logged

            Before I retired I was in a work pool that played the local 6/49 game and we matched 5of6 for $1500 several times.  To cash the tickets and avoid any member having to pay extra taxes we allowed  a full time college student not working to cash it.  He/she was allowed to keep 10% of the prize for taxes and given an equal share of the remaining $1350.  As a full time student supported by his/her parents of which one was a member of our pool, their taxes amounted to nothing.  We just had to draw straws to pick the student. 

            Had we won the jackpot we would have claimed it as a group and every pool member would have been responsible for his own share of the taxes.

            1500 combinations, that is a lot. Hyper Or do you mean that you won 1500? I once won >1600 euros with 5/6.

            Maybe I shouldn't have won and not picked up programming. That would have made more sense! Strange hobby, but cheaper than having beers every day.

              RJOh's avatar - chipmunk
              mid-Ohio
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              Posted: September 21, 2014, 5:18 pm - IP Logged

              1500 combinations, that is a lot. Hyper Or do you mean that you won 1500? I once won >1600 euros with 5/6.

              Maybe I shouldn't have won and not picked up programming. That would have made more sense! Strange hobby, but cheaper than having beers every day.

              Do you read American English?  $1500 means 1500 dollars not 1500 tickets. 

              There were 10 of us in the pool and we each contributed $2/wk.  The drawing was twice a week so we played 10 QP each drawing.

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

                SergeM's avatar - slow icon.png
                Economy class
                Belgium
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                Posted: September 23, 2014, 1:03 pm - IP Logged

                Do you read American English?  $1500 means 1500 dollars not 1500 tickets. 

                There were 10 of us in the pool and we each contributed $2/wk.  The drawing was twice a week so we played 10 QP each drawing.

                A full system of 14 numbers at 50 cents / combination used to cost around 1500 as there are 3003 combinations to play then. When I hear 1500 pick 6, I think 14 numbers. - I speak several languages, and it is not always funny to switch from one to another language.

                1500 for a 5/6 is not a good payout, especially not if you pay 1$ / combination. Bravo for the score.