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The amount of tax charged for an inheritance tax depends on the amount of the inheritance and the beneficiary’s relation to the deceased. Inheritance Tax vs. Estate Tax
When you're ready to file your state and federal taxes, here is how you can get in touch with a real person at Oklahoma's tax office and the IRS.
States With Inheritance Tax. State. Tax Rates. Exempt Assets. Exempt Beneficiaries. Due Date. Iowa. 5% to 15%. Estates worth less than $25,000; Life insurance policies paid to named beneficiaries
One state— Maryland —imposes both types of taxes, but the estate tax paid is a credit against the inheritance tax, so the total tax liability is not the sum of the two, but the greater of the two taxes. Its inheritance tax does not apply to bequests to lineal heirs. [53]
Oklahoma assesses a State level excise tax on insurance premiums paid across the State. The insurance tax is collected by the Oklahoma Insurance Department. While most of the insurance tax is deposited within the General Fund, the revenues also support the Insurance Department and provide revenues for the State's employee retirement systems.
Oklahoma state law allows for cabinet secretaries to serve concurrently as the head of a state agency and as a cabinet secretary. Historically, the Secretary of Finance has also served as the director of the Oklahoma Office of State Finance. As of 2013, at least two secretaries have served in that dual position.
Estate tax is a tax assessed on the estate itself. Estates of individuals with assets greater than $13.61 million (in 2024) are subject to federal taxes on the amount over that threshold.
The Board is responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature for the coming year fiscal year. The Governor, through the Oklahoma Office of State Finance, then uses that estimate to prepare and submit the State's annual budget for approval by the Legislature.