Is Life Insurance Taxed In Texas?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Life insurance in Texas is not taxed for income tax, in most situations. Life insurance proceeds do fall under the value of the estate if the policy owner is the deceased, and the one with the estate. If his/her spouse is no longer alive, federal estate taxes will be charged on the excess about the exempted amount, which is $5,250,000 in 2013. Texas does not have a state estate tax at this time.
    Answered on August 27, 2013
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