What are the tax implications of winning money or valuable prizes?

what percentage of taxes are taken out of lottery winnings
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In most states, the tax is taken from the prize money before it's ever given to the winner Details on when and how much the winner pays differ

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

medusa slot background How much of a prize Is taken out for taxes? The lottery is required by the The state of South Dakota does not tax lottery winnings How can I hear The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn