Meghan Markle may be a Royal but she can't escape the IRS

Lianna Brinded
Head of Yahoo Finance UK

Meghan Markle may be a newly minted member of the British Royal Family but that doesn’t mean she can escape the US taxman — the Internal Revenue Service.

Before marrying Prince Harry, Markle was wealthy in her own right, thanks to her stellar acting career, where at one point she was reportedly paid $50,000 (approximately £38,000) per episode for her role in legal drama ‘Suits’.

Adding onto her various brand partnerships and other entertainment roles, her net worth is estimated to be around as much as $5m (approximately £3,822,000) before she married into the Royal Family.

Meghan, Duchess of Sussex. Photo: Max Mumby/Indigo/Getty Images

Speaking on Yahoo UK’s Royal Box, the author of “Royal Legacy: How the Royal Family have made, spent and passed on their wealth”, pointed out that while her income stream has now dried up, she still needs to file her tax returns.

“Providing she’s an American citizen, she still has to file for American taxes even with no income coming in,” said author David McClure.

“One of the unique things of the American taxation system, wherever you are in the world — even if you live on an island in the middle of nowhere — you still have to file for American taxes and still have to declare your income.

“So she has to be careful about that. Even if she receives things from other trusts, for example, she made not have to pay tax on it but she has to tell the American tax authorities that she’s in receipt of extra funds.”