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Mega Millions jackpot soars to $418 million. Here’s how much the winner would owe in taxes

Mega Millions jackpot soars to $418 million. Here’s how much the winner would owe in taxes

Finance
Mega Millions Jackpot estimated at $ 540 million dollars.Getty ImagesThe Mega Millions jackpot has spilled over $ 400 million and would be the ninth largest winning since the game began in 2002.With no one hitting the right numbers Friday night, the next drawing on Tuesday is at $ 418 million.The top prize has been climbing for more than two months now. Your chance of wining is 1 in about 302 million.For Tuesday night's Mega Millions drawing, the cash option — which most winners go with — is $ 263.3 million.The 24% federal tax withholding would reduce that amount by $ 63.1 million. However, the top marginal tax rate of 37% means owing a lot more to the IRS at tax time.Assuming you had no reduction to your taxable income — such as large charitable contributions — another 13%, or $ 34.2 mill
Could Harry and Meghan’s child pay US taxes?

Could Harry and Meghan’s child pay US taxes?

Business
The Duke and Duchess of Sussex are expecting their first child and along with the excitement and nerves of being new parents could come an unwanted tax bill. As US citizens, Meghan - and her child - are liable to pay US taxes. With the baby's due date and the US's tax day - 15 April - fast approaching, here's a look at why these royals could be forced to pay money to the US government. The US is one of only a few countries to charge tax based on citizenship and not residency. Other countries that tax non-resident citizens include Eritrea and Myanmar. This means that even though the duke and duchess will be living at Frogmore Cottage in Windsor, the US government still expects Meghan to file tax returns with the Internal Revenue ...
How you can give away up to $11 million and slash your taxes

How you can give away up to $11 million and slash your taxes

Finance
If you want to shave down your estate tax bill in the future, consider giving away some of your fortune. The Tax Cuts and Jobs Act increased the gift and estate tax exemption to $ 11.18 million per person this year. That's more than double the $ 5.49 million per individual limit in 2017. This means you can transfer more than $ 11 million, either as a gift while you're alive or as a bequest after death, without having the amount subjected to a 40 percent tax. Be aware that, at least for now, the tax code's generosity is a limited-time deal. The $ 11.18 million estate and...
Public 'back' taxes to tackle single-use plastic waste

Public 'back' taxes to tackle single-use plastic waste

Science
There is high public support for using the tax system to reduce waste from single-use plastics, the Treasury says. A consultation on how taxes could tackle the rising problem and promote recycling attracted 162,000 responses.Treasury Minister Robert Jenrick said the government was looking at "smart, intelligent incentives" to get plastic producers to take responsibility.Reports suggest a levy on manufacturers and some disposable plastic products may be introduced in the Budget.It could include measures such as a tax on single-use coffee cups. What are the alternatives to plastic? Two-thirds of plastic food pots unrecyclable 50 nations 'curbing plastic pollution' Responding to the consultation, the Treasury said it wanted to promote the greater use of recy...
That $245 million Powerball winner faces high taxes and little chance of remaining anonymous

That $245 million Powerball winner faces high taxes and little chance of remaining anonymous

Finance
The person holding the winning $ 245.6 million Powerball ticket is likely discovering that New York isn't the best place to hit the jackpot. Not only will the ticket holder face state and city lottery taxes that are among the highest in the nation, remaining anonymous might be impossible. While a trust can be created to claim the prize, the New York Lottery will likely release the winner's name, said Jason Kurland, a partner at Rivkin Radler, a law firm in Uniondale, New York. The winning ticket in Saturday night's Powerball drawing was purchased at a Stop & Shop in Staten Island. The prizewinner will have the choice of r...