Are Life Insurance Proceeds Taxable In Ohio?

Comments

2 responses to “Are Life Insurance Proceeds Taxable In Ohio?”

1. 

   August 27, 2013

   Peggy Mace

   Life insurance proceeds are not charged income tax in Ohio, or in any other state. If the death benefit if taken in installments, the interest on the life insurance payments is taxed. And if the estate is over $5,250,000 the excess above that amount will be charged federal estate taxes.
2. 

   August 27, 2013

   Brandon Roberts

   No life insurance proceeds are not taxable in the state of Ohio.  Life insurance proceeds are not income taxable in any state and do not incur federal income taxes.

   Further, Ohio does not have an estate tax, so there is no worry there when it comes to life insurance either.