Author Topic: splitting lottery winnings  (Read 1203 times)

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MOM21SON

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splitting lottery winnings
« on: December 03, 2012, 09:22:17 AM »
2 coworkers won about $6000.00 in the lottery.  Coworker 1 is going to drive to get the money, it will be in his name and the taxes will be taken out.

Is the remaining of the money split equally?

wx4caster

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Re: splitting lottery winnings
« Reply #1 on: December 03, 2012, 09:29:46 AM »
Does CW1 need to use a vacation day to make the drive?

If yes, the split should be ~ 3350/2650.
If no, then CW2 should be giving CW1 gas money and then make it an even split.
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EmmaJ.

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Re: splitting lottery winnings
« Reply #2 on: December 03, 2012, 12:53:29 PM »
Is it not possible to request two separate checks from the Lottery Commission so everything is perfectly fair?

Audrey Quest

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Re: splitting lottery winnings
« Reply #3 on: December 03, 2012, 01:09:49 PM »
I agree that they should request two separate checks and let each take their own tax hit.

Luci45

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Re: splitting lottery winnings
« Reply #4 on: December 03, 2012, 01:32:30 PM »
I agree that they should request two separate checks and let each take their own tax hit.

Especially if they are in different income tax brackets - maybe the difference would be negligable, but I'm don't know for sure.

siamesecat2965

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Re: splitting lottery winnings
« Reply #5 on: December 04, 2012, 11:45:39 AM »
I'd also see what the state tax, lottery and other laws are. This came up, hypothetically of course, since 28 of us pooled and bought Powerball tickets for the big drawing last week. We wondered HOW the tax thing would be handled.  So one of us did some research, and in our state, NJ, taxes are taken off the top, and then each winner receives the necesary tax form. So if for example, 28 million was the tax (and i'm using this number to make it easy) had we won, each one us would have received something that said our own personal tax liablity would be 1M each.

But since this is a much smaller amount, not sure how that would work. If possible, i think they should request separate checks.

MOM21SON

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Re: splitting lottery winnings
« Reply #6 on: December 04, 2012, 02:39:34 PM »
Ok, In my state you have to fill out a claim form and there was a place to check if it was a group ticket. 

BTW, It was an office, not a nice pretty exciting office.  Anyway, people were sitting around playing scratch offs.  Not employees, just regular people.

MrTango

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Re: splitting lottery winnings
« Reply #7 on: December 04, 2012, 02:47:42 PM »
Is it not possible to request two separate checks from the Lottery Commission so everything is perfectly fair?

That's what I'd do.  Not to get into legal territory, but for Tax purposes alone, I'd want a seperate check.