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5/8 Lotto pool (For 5/11 pool see Vivi's thread)

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LessThanDan said:
Another novice here. How exactly would large quantities of money (in the millions of dollars) be distributed, anyway?
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In all likely-hood we would all have to make our claim directly, either in person or by proxy and it would be disbursed directly to each of us by the lottery itself
 
Vivi, once you buy the tickets on Wednesday, could you please share all the #s before the draw? Would make it exciting for us to print it out and sit in front of the TV/computer to match with the draw...

Easiest way to do so is to scan the ticket(s) and email to all those who paid (or, you could upload the images to your site, if keeping it confidential is not that big a deal). I assume all the numbers would be bought in just a couple tickets, so hopefully it's not too much of a hassle.
 
radhak said:
Easiest way to do so is to scan the ticket(s) and email to all those who paid (or, you could upload the images to your site, if keeping it confidential is not that big a deal). I assume all the numbers would be bought in just a couple tickets, so hopefully it's not too much of a hassle.
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I agree, because we're currently at 345 (based on 69 shares) tickets which would be nearly impossible to enter.
 
RossMAN said:
I agree, because we're currently at 345 (based on 69 shares) tickets which would be nearly impossible to enter.
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Easy enough to take a high res photo of all the tickets laid out on a table. I remember someone did that for the group lotto buy a while ago. That might have been Vivi who did that, can't recall.
 
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Vivi emails everyone all of the tickets after he scans them. Then those who volunteered get assigned a block of tickets that get entered into a spreadsheet. The winning numbers are added when the drawing occurs and the spreadsheet automatically tells us how much is won.

It's a good system that has worked well before.
 
ViviTheMage said:
What is stopping me from collecting it all, and giving it all as gifts via check/wire? Or is that skirting some tax implication?

Guess everyone should get off shore bank accounts 😀

In all seriousness, if it is worthwhile amount, we will get a tax/lawyer to handle the divvy of funds/collection.
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Gift income is still taxed once you get past the ?$13k?/year individual exemption. There's an additional lifetime allowance that's around $500k, but I would rather not have to use it. (though, if we each make $2M+, I guess I won't mind that much (changing my mind. I would still pay ?35%? on $1.5M. That's a lot of money. I would mind.))

I read on some forum (can't access lottery sites at work) that some lottos only pay out to an individual entity, so in order to handle the tax implications, some sort of filled out & signed payment agreement is needed beforehand for tax reasons..... BUT Powerball is happy to cut the checks directly to the individuals of the group in whichever ratio that is asked, so everyone deals with their own taxes.

Above paragraph is pure speculation because I read it on the internet.
 
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I just wanted to say thank you Vivi for organizing the previous and current AT Lotto Pools, let's hope the 3rd time is the charm 🙂
 
I'd like to join in for this next run but it looks like there are multiple threads going on multiple boards now - what's official (and maybe jedi will update the OP?)
 
rivan said:
I'd like to join in for this next run but it looks like there are multiple threads going on multiple boards now - what's official (and maybe jedi will update the OP?)
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what multiple threads?
what multiple forums?
 
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