Play Together, Win Together
Office lottery pools are fun and build excitement and camaraderie among coworkers. A lottery pool should elect a leader to manage the pool. These forms can be used to help make the process official. Collect money from all of the participants and record the information on these forms. Email or provide a copy of the form, along with a copy of the tickets, to all participants in the pool and be sure to keep the tickets in a safe place.
What’s the best way to share a prize?
If you want to share the prize with others, you may want to consider building a trust fund. Your bank, attorney or certified financial advisor can give you advice about this option. You can choose to “split” the prize by having all prize winners complete IRS Tax Form 5754 that will dictate how to split certain gambling winnings. If you decide to “split” the prize, one person is designated as the prize recipient, signs the winning Powerball ticket, and distributes the money. You’ll need to provide the names, addresses, social security numbers, and the gross amount to be distributed to each person.