Taxes on prizes. Actual facts!
As my wife won ~$48,000 worth of prizes on TPIR, this is the actual tax scenario.
You ONLY PAY a California state tax withholding before you receive your prizes (unless you are a California resident)! This is 7%. You will file taxes in the state of California to receive a refund on unused funds (trips not taken in that year, or that cost different than stated on the show).
You will file federal taxes for prizes the year in which you RECEIVED the prizes. This will reflect the ACTUAL value of the prize, NOT the show stated value. This will be based on your income.
Do not believe the lies you are fed on social media! You do not pay ANY TAX UP FRONT AT THE TAPING! You do not pay federal tax BEFORE you receive your prizes! You do not pay tax on trips until you take them, and this is solely based on the ACTUAL Value, not stated value!