stevogreto
Apr 25, 2011, 06:28 AM
Just need this answered for Texas resident
ebaines
Apr 25, 2011, 02:23 PM
No - the recipient pays no taxes. The accounts are considered to part of the decedant's estate and hence its value may be subject to estate tax, but the beneficiary doesn't need to be concerned about that. Beneficiaries living in states that have an inheritance tax may be subect to that, but TX does not have an inheritance tax.