You don't have to declare this interest on your tax return, which is a bonus in itself. |
The annuitant must declare the full amount receivable on his tax return to be given credit for the tax withheld. |
You are not legally obliged to employ an accountant, although you may find it easier to do so when it comes to filling in your tax return. |
In this case, naming a charity as a direct beneficiary will qualify as a donation credit on the final income tax return of the deceased. |
That's way more preparation for filling out a tax return than most Americans get. |
It's only illegal if one doesn't declare the offshore income in one's annual tax return and pay tax at home. |