Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Is the interest earned on prepaid accounts taxable?

accounts earned prepaid taxable
0
Posted

Is the interest earned on prepaid accounts taxable?

0 CommentsAdd a Comment

1 Answer

0

The interest earned from a trusted prepaid account remains with the account. According to the IRS, the purchaser of any prepaid contract is responsible for taxes on interest earned since the money is not paid to the funeral home until the time of death.

0 CommentsAdd a Comment

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.