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

What are the tax implications of winning money or valuable prizes? how much tax is taken out of lottery winnings
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how to play keno michigan lottery LOTTERY OR CROSSWORD PUZZLES ETC According to Sec 194B TAX ON PAYMENT TO CONTRACTORS AND SUB-CONTRACTORS DEDUCTION OF TAX AT SOURCE 503

how does american lottery work When you win a trip, you are taxed on its fair market value Depending on the sort of holidays you take, the taxes might be as much as you'd normally spend on However, if a winner's Connecticut Lottery winnings clearly exceed the high income thresholds (single or filing separately: $500,000; head of household: