Lottery Jackpots And Tax Havens

Reply #24

TheMeatman2005 — Sat, 07 May 2016 16:51:36 GMT

Reply #23

Stack47 — Fri, 06 May 2016 18:32:45 GMT

but if you aren't careful you also might have to pay the 3.8% Obamacare tax on top of the 39.6%!

Do you think a tax accountant would forget to tell a multi-million jackpot winner without health insurance to get a policy to avoid paying extra thousands in taxes?

Most to the free advice from the LP community suggests getting a tax accountant even before validating a ticket, but if a winner doesn't hire one, they could end up paying an even larger percentage.

Reply #22

Think — Wed, 13 Apr 2016 21:47:18 GMT

Yes, the top federal tax rate is 39.6% but if you aren't careful you also might have to pay the 3.8% Obamacare tax on top of the 39.6%!

14.6 + 3.8 = 18.4

Still a portion of your income would have to be taxed at 43.4% so all of it wouldn't have to be. If you are not careful all of it would be taxed at 43.4

Reply #21

Rexer90 — Wed, 13 Apr 2016 03:26:05 GMT

No need to offshore the money, there are multiple ways to protect the money here in the US.

Reply #20

Stack47 — Wed, 13 Apr 2016 01:20:43 GMT

The 2015 top Federal tax rate is 39.6% and there are taxes in several states too. But 25% in Federal taxes will still be deducted regardless if the winner has an army of tax lawyers and it will be very difficult putting tax money already deducted into a tax shelter.

Reply #19

RL-RANDOMLOGIC — Tue, 12 Apr 2016 15:07:28 GMT

https://www.youtube.com/watch?v=HhWqXMMfRE4

Bluegrass rules

RL

Reply #18

RL-RANDOMLOGIC — Tue, 12 Apr 2016 14:46:46 GMT

LMAO

wink, wink. https://www.youtube.com/watch?v=C3TB7Q6WjPQ

rl

Reply #17

Think — Tue, 12 Apr 2016 03:09:23 GMT

What are the current rules on how much tax free interest you can earn? Is it somewhere around $118,000?

I lost track of that around the time it was about $80,000

Reply #16

Think — Tue, 12 Apr 2016 03:06:21 GMT

Wrong! There could be circumstances where that could actually turn into 18.4% more if you aren't careful.

Reply #15

myturn — Sun, 10 Apr 2016 05:18:23 GMT

Have they checked the Kenyan banks?

What did he use for ID, his birth certificate

Reply #14

Drenick1 — Sat, 09 Apr 2016 15:36:24 GMT

The article mentions twelve world leaders having these accounts including Putin and David Cameron. I wonder if Obama has one as well because he immediately held a press conference shortly after this news was revealed shifting blame on corporations. I also heard that Putin may have as much as 22 billion in these accounts alone which is a fraction of the rumored $200+ billion he has stolen from his country.

Reply #13

Teddi — Sat, 09 Apr 2016 04:28:19 GMT

There's no point in having a tax haven just for a jackpot win. No matter what, the IRS is taking their 25% off the top, and unless you make hefty donations to charities in the first year to have a tax write-off, the IRS is getting the remaining 14.6% as well. Tax shelters will be of no use on that front.

However, a tax haven comes in handy if income generated from the jackpot was sufficient enough to make it worthwhile, since setting up and maintaining a tax shelter account is far from being... [ More ]

Reply #12

1977 — Fri, 08 Apr 2016 16:28:37 GMT

In Florida you have to pay federal taxes on winnings ,but there is no State tax

Reply #11

Raven62 — Fri, 08 Apr 2016 15:28:15 GMT

Nice Concept: But: They Have No Soul

Reply #10

Raven62 — Fri, 08 Apr 2016 15:26:00 GMT

So True, So True

Reply #9

Raven62 — Fri, 08 Apr 2016 15:24:55 GMT

Reply #8

MaximumMillions — Fri, 08 Apr 2016 14:49:10 GMT

Which is a concept not everyone believes in.

As the source of lottery winnings is usually government-adjacent I doubt you can successfully siphon that money out of the country. Titpon failed. It's not black money from illegal activity, the government already knows the source and will take its' cut.

As for Europe there is no point as winnings aren't taxed. I cans ee using a tax vehicle for inheritance purposes, but again, there are more attractive ways to do so. One could just move to... [ More ]

Reply #7

music* — Fri, 08 Apr 2016 14:42:05 GMT

I am also referring to the next life in either Heaven or Hell. The criminal's soul will spend eternity in one of the two destinations.

Reply #6

savagegoose — Fri, 08 Apr 2016 07:54:32 GMT

It is legal to minimize taxes,.It is legal to move money off shore th lower taxed locations. Is It moral? that depends on your morals.

Reply #5

Stack47 — Fri, 08 Apr 2016 01:41:57 GMT

Federal taxes (25%) are deducted from winnings over $25,000, but the winners could owe up to 14% more when they file their tax return. But after that there is no Federal tax liabilities on those winnings.

Based on some of the comments in the after winning a jackpot threads lots of people don't understand 25% in Federal taxes will be deducted from their winnings regardless of the number of tax lawyers they bring with them to lottery headquarters. Tax havens might come in handy after investing... [ More ]

Reply #4

Dreaming Gemini — Fri, 08 Apr 2016 00:35:24 GMT

I barely trust my money in this country. I would have a very difficult time trusting it offshore.

Reply #3

Romancandle — Thu, 07 Apr 2016 23:59:59 GMT

Yeah right... Wall Street bailed out... Sun couldn't have shown brighter on those crooks and nothing happened .

Reply #2

music* — Thu, 07 Apr 2016 22:57:17 GMT

WOW!! Everything hidden will be revealed. Sunlight on crimes makes criminals pay.

Reply #1

myturn — Thu, 07 Apr 2016 22:29:19 GMT

UK PM finally Admits Owning Shares In Dad's Offshore Fund

David Cameron has admitted for the first time he did hold shares in a controversial offshore fund set up by his late father.

The Prime Minister has faced questions this week over his family's tax affairs after details of Ian Cameron's investment fund were reported as part of the Panama Papers leak.

Mr Cameron's admission that he owned, sold and made a profit on shares in Blairmore Holdings before he became PM has prompted call... [ More ]

Lottery Jackpots And Tax Havens

myturn — Thu, 07 Apr 2016 08:55:23 GMT

You may have read about the Panama Papers: It would appear that Leona Helmsley was right, when she said, We don't pay taxes. Only the little people pay taxes.

What are the Panama Papers?

The Panama Papers are an unprecedented leak of 11.5m files from the database of the world s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper S ddeutsche Zeitung, which shared them with the International Consortium of Investiga... [ More ]