Legal Stuff: Winners are responsible for all applicable taxes. Prizes valued at $600 or more will be reported to the IRS. For prizes over $5,000, federal income tax withholding of 25% will apply. Winners must provide their social security or taxpayer-identification number for tax reporting purposes. The FMV of non-cash prizes will be used for tax purposes. Each member must provide information on Form 5754 if a group wins the prize. Please consult your tax advisor for clarification and details.