wkbw_49278_Super7_658x90.png

Actions

Powerball: office pool pros & cons

Powerball: office pool pros & cons
Posted at 9:28 PM, Jan 11, 2016
and last updated 2016-01-11 21:28:24-05

We've all hear the saying, "the more, the merrier", but we've got a few tips to make sure everyone at the office has a pleasant Powerball experience. 

The New York Lottery recommends picking a group leader who will be responsible for collecting money from the group. 

It also says to keep an accurate list of all participants and make note of those who decide to opt out.  Then, distribute the list to avoid any confusion later on.

Agree on who will buy the tickets, including where and when they'll be purchased, and give all participants a copy of the ticket.

Also, consider limiting the number of co-workers to 10 or less.  The New York lotto can only issue up to ten individual checks.

For groups of eleven or more, the New York lottery offers this advice.

Consider forming a Limited Liability Corporation (LLC) and listing each person in the group as a member. The Lottery will pay the prize to the LLC under the LLC’s tax ID number. The group leader would be responsible for making the disbursement to each LLC member.


Consider forming a Trust and listing each member as a beneficiary. In this scenario, the Lottery would make the prize directly available to the Trust utilizing the Trust’s tax identification number. The Trust would then make the disbursements to the group.


Groups also have the option of electing up to 10 individuals within the group to receive the prize, making those individuals 100 percent responsible for all tax implications associated with the prize. They would also be responsible for disbursing all funds to the rest of the group.

The current $1.4bn! The next drawing is set for Wednesday night.

 

 
 

 

Stay in Touch Anywhere, Anytime with News, Weather and Video -- Download the WKBW app:

Android App

iPhone/iPad App

Or Sign Up for Our Newsletters -- Delivered to Your E-mail:

E-News, Forecast and Bills Beat Newsletters