![]() ![]() Those working for the Louisiana Lottery are prohibited from participating, along with any family members residing in the same household.Tickets can be gifted to participants under the age of 21 if they are accompanied by a legal guardian or family member when collecting any Louisiana lottery prizes.Age must be proven by providing a valid drivers’ license, passport, military/federal ID or ID card.Participants must be at least 21 years of age.Have a look at the list below so you know what to expect: While individual Louisiana Lottery games come with different rules, some common restrictions apply across every draw. $28.3 Million to Lottery Operational Expenses - Roughly 4.5% of the revenue is used to fund expenses, including offices, technology, and advertising.$35.4 Million to Lottery Retailers - Around 2,900 local businesses receive 5% commission from the sales of Louisiana lottery products. ![]() More than $4.15 billion has been contributed to the state treasury to date $207.5 Million to State Treasury - These funds are used to support public education in Louisiana via the Minimum Foundation Program.$353.9 Million to Prize Winners - Over half of the lottery’s revenue is paid out to prize winners, with more than $5 billion won since 1991.In the year July 2020 to July 2021, the following amounts were granted: The proceeds from sales of tickets are donated to four key areas to support the state of Louisiana. The Louisiana Lottery Corporation (LLC) also known as the Louisiana state lottery company was established in 1991 and is responsible for the state’s government-run lottery games. Powerball Calculator: Payout, Tax & Annuity Explained.Mega Millions Payout Calculator: Payout, Tax & Annuity Explained.Lottery Odds Calculator: Calculate Your Odds of Winning The Lottery.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. This simplifies the tax reporting and prize distribution for a group of people receiving payments over an extended time. 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.). The prize on a winning lottery ticket may be split among a group of ticket owners however only one prize check is issued. ![]()
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