Are Life Insurance Proceeds Taxable In Ohio?

  1. 4470 POINTS
    Brandon Roberts
    Owner, The Insurance Pro Blog,
    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.
    Answered on August 27, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    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.
    Answered on August 28, 2013
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