What should you do if your work pool wins the Powerball jackpot?
ATLANTA, Ga. (Atlanta News First) - If you’re in a work pool for tonight’s drawing, how can you make sure you get your cut?
At the Allure Nail Salon, John Dinh is a part owner of a Powerball lottery ticket. More than a dozen of his coworkers put in for a shared ticket for the chance to win big.
“I kept thinking if I don’t chip in, I’m the only one going to work, so I want to chip in. Take a day off, if we win, we’d probably take our whole life off,” said Dinh.
State Farm Insurance put out a list of what to do if you win the lottery. State Farm agent Deidre Bembry says it’s easy to get caught in the excitement.
“The billboards aren’t even equipped to put in the numbers of how big the jackpot is,” said Bembry.
She said there are three people you want to contact before you claim your ticket- your accountant, a tax professional, and an attorney.
Attorney Kurt Panouses who has experience with a billion-dollar winner and several winning work pools. He said work pools are great if everyone wins, but it can turn into disaster. If you’re splitting your pot he says to make sure everyone is clear on how to cash in, who to tell, and how much everyone gets.
“At this late stage, if you’re in a work pool, make sure you make copies of the tickets and say were going to be taxed as a partnership,” said Panouses.
In Georgia, if you win more than a $250,000 payout, you can remain anonymous. Panouses and Bembry recommend you only tell a few close friends and family.
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