The Lottery encourages all players to seek financial advice before claiming a large jackpot prize.Īs with all claims, the names of those receiving prize funds and their city of residence is public record. When claiming a prize as a legal entity, the legal document organizing the entity must list the name of each member of the group, their city of residence, and the portion of the prize each person will receive. Mindy Crandell, 34, of Florida was in line to buy a ticket for the 590 million Powerball jackpot when the woman who won the lottery. This simplifies the tax reporting and prize distribution for a group of people receiving payments over an extended time. The Winner of the 590 Million Powerball Jackpot Is an 84-Year-Old Woman Who Cut Someone in Line Updated Luckiest woman ever, Gloria Mackenzie. While it is not necessary for a group of people to form a legal entity to claim the cash option, the Lottery asks a group of winners to form a legal entity with an assigned tax identification number for a jackpot prize paid in annual installments. The group members must decide on one payment option it is not possible for some group members to take the cash option and others to choose the annuity. The Powerball or Mega Millions jackpot prize may be paid in the annuity payment format or the single payment cash option. The Federal Form 5754 allows the Lottery to send a separate W-2G tax form to each individual winner noting the amount won and withheld on their behalf. The person receiving the check for the group also provides picture identification and is responsible for distributing the winnings to the group members.įor a prize paid in a single payment, the check recipient may choose to complete a Federal Form 5754 that ensures the tax obligation of the prize is distributed among the group members according to the gross prize amount of each person’s share. Each member of the group provides a completed IRS Form W-9 for tax reporting purposes at the time of the claim. The prize check is issued to either one person or legal entity (partnership, trust, etc.). STOP IF your looking for legitimate homework assembling products. The prize on a winning lottery ticket may be split among a group of ticket owners however only one prize check is issued. $50 million (Jackpot split among three winning tickets sold in Louisiana, Florida and Delaware) The elderly FL Powerball winner (bottom photo) bought her ticket after another woman (top photo) let her cut in line. SCRATCH GAMES Answers to your questions about our popular instant-win Scratch.
John and Lisa Robinson of Munford in Tennessee were the first to come forward, going on the Today show to break the news just. The lucky winners were from California, Florida and Tennessee and each took home a pre-tax total of 528.8 million. Since joining the multistate game in March 1995, Louisiana has had a total of 17 Powerball jackpot winners. Answers to your questions about Powerball, Mega Millions, Lotto, and more. Jackpot Date Winners 1.6 billion: January 13, 2016: Three ticket holders made lottery history when they won an incredible jackpot worth 1.586 billion.