Are Life Insurance Proceeds Taxable In West Virginia?

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    Peggy Mace
    Most of the U.S.
    Life insurance proceeds are taxable if they are left to the estate of the policy owner. However, if the beneficiary is a person, that person receives the life insurance benefit income tax free. If they decide to take it on payments, only the interest is taxed.

    Federal estate taxes will be charged if the estate (including life insurance proceeds) exceeds $5,250,000 in 2013. West Virginia does not have a state estate tax.
    Answered on September 18, 2013
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