With the Fulton VFW's Ace of Spades lottery entering its 54th week, folks in Callaway County and beyond have big winnings on the brain.
But what happens if you actually win the jackpot?
"They've got to fill out basically a (form) which reports the income to the IRS," said Steve Harding, who heads up the 83rd Auxiliary for the VFW.
The form in question is likely to be a W-9. It is required for taxable winnings above $600, according to the Missouri Lottery website.
On the evening of the final drawing, Harding will either sit down with the winner to do the paperwork then and there or contact the winner via phone.
Then the VFW's accountant goes to work. She'll pull out a percentage of the jackpot for the VFW (20 percent if the winner was present for the drawing; 40 percent if he or she wasn't), and a percentage for state and federal taxes. Harding said taxes amount to about 12-14 percent, though other sources such as the Missouri Lottery indicate it is closer to 29 percent.
"The last time (we did a Ace of Spades lottery), the drawing was on Wednesday and the winner had the check by Saturday," Harding said.
That might be too late to get to the bank before closing, but it's still pretty expedient. Harding said as a nonprofit, the VFW has to do far less paperwork while hosting this type of fundraiser than a business would.
"We did have to submit a form to the IRS," he said.
Harding encouraged people to participate in the final round next Wednesday.
"The final jackpot will probably be close to $350,000," he said.
He added the VFW also will give away 10 or 12 small prizes, as usual.
Six tickets can be purchased for $5 at the VFW. The final drawing will take place at 7 p.m. Wednesday at 54 Country.
To be counted as present, the winner must be at 54 Country or the VFW when the name is announced.