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

What are the tax implications of winning money or valuable prizes? how much taxes is taken out of lottery winnings
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how to cancel the postcode lottery The amount won is subject to a tax of 30% from the winner, irrespective of any other income the individual might be earning This is maintained

how old do you have to be to buy a lottery ticket in florida Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000 The amount won is subject to a tax of 30% from the winner, irrespective of any other income the individual might be earning This is maintained