What Is the Inheritance Tax Threshold in Oklahoma?

Calculating raxes

The inheritance tax is also known as the estate tax. Estates must file both federally and on a state level if they have tax liability. Each state sets a level at which an estate must pay taxes. This is also known as the tax threshold.

Threshold

The threshold for paying estate tax in Oklahoma is $3 million for both lineal and collateral heirs in an estate of a person who died between Jan. 1, 2009, and Jan. 1, 2010.

Forms

In Oklahoma, an estate must file Form 454. For each classification of asset is a schedule form that the estate submits to the Oklahoma Tax Commission. Schedule A-1 is for real estate. Schedule A-2 is for oil, gas and minerals. Schedule B is for stocks and bonds. Schedule C-1 is for intangible personal property. Schedule C-2 is for tangible personal property and miscellaneous property. Schedule D is for life insurance. Schedule E is for transfer during lifetime. Schedule F is for property not taxable in Oklahoma. Schedule G is for debts, mortgages and taxes due and unpaid at death. Schedule H-1 is for administrative and funeral expenses. Schedule H-2 is for bequests. Schedule I-1 is for property passing to a surviving spouse. Schedule I-2 is for part 2 of schedule I-1. Schedule J is for distribution.

Contact

The estate must submit all forms to Oklahoma Tax Commission, Estate Tax, 2501 North Lincoln Boulevard, Oklahoma City, OK 73194. For questions, call 405-521-3160.

Filing Dates

All forms must be filed within nine months of death. If filing taxes after nine months, interest applies to the estate tax.

Miscellaneous Requirements

In addition to the filing required above, the estate must also attached the death certificate and the will to the estate filing. If the estate filed a federal IRS Form 706, then a copy of IRS Form 706 must also be submitted.

References

• Oklahoma Tax Commission: Oklahoma Estate Tax Return