Tags
Accounts with Beneficiaries, Beneficiaries, Dividend Income, Income Earned after Death, Interest Income, Reporting Income
Accounts with beneficiaries that earn interest income or dividend income will continue to earn such income after the death of the account owner. While in the interim, this fact causes confusion for most common executors because it brings up a couple of questions. The questions include the following:
1. Who receives the income paid to the decedent?
2. Who is responsible for reporting the income for tax purposes?