Is Life Insurance Taxed In Florida?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Life insurance is not charged income tax in Florida, or in any other state, if the beneficiary not the estate. If there is no beneficiary on the policy, the beneficiaries are all deceased, or the beneficiary was named to be the estate, the life insurance will go through probate and be taxed.
    Answered on August 28, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Life insurance in Florida is generally not charged income tax unless the beneficiary of the policy is the estate. Also, life insurance, upon the death of the second spouse, is considered part of the estate for estate tax purposes, no matter who the beneficiary was (unless it was an irrevocable insurance trust). Contact a tax attorney for specific situations.
    Answered on September 4, 2013
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