Oklahoma inheritance tax does not exist but there exists an estate tax in Oklahoma. Unlike other states of the USA, the Oklahoma estate tax, which was previously known as Oklahoma inheritance tax, does not follow the federal estate tax laws.
The inheritance tax may also be referred to as the estate tax in some parts of the USA. Though there is no inheritance tax in Oklahoma, but there is estate tax in the state. The inheritance tax is the tax levied on the property after the death of the property owner. In the USA, the inheritance tax is implemented by the federal laws and collected by the state revenue bodies. In some parts of the country, the state may also levy additional inheritance tax.
According to the federal law of estate tax, the returns of the estate tax in Oklahoma must be filed within the nine months of the death of the property owner. In case of the failure of doing so, additional interest will be charged on the due estate taxes in Oklahoma
The Oklahoma Tax Commission is the body that issues the estate tax forms which are now available on the internet also. Form 454 is the form for the 'Oklahoma Estate Form Packet', Form 454-A is the form for 'Affidavit of Surviving Spouse' while the Form 454-B is the form for 'Affidavit for Lineal Heirs'. Those who prefer paper forms than the online forms can collect the forms from commission office.
The form 454 contains the estate tax return form along with the breakout schedules for each and every element of the estate. The list of schedules that is provided with the packet is - real estate, stocks and bonds, oil, gas and minerals, personal property, tangible and intangible personal property, life insurance, property not taxable in Oklahoma, property passing to the surviving spouse, debts, mortgages and taxes that are unpaid till death, etc. The Oklahoma Tax Commission also offers assistance in completing these forms easily. Since the Oklahoma estate tax return process do not correspond to the federal estate tax Return and hence Oklahoma estate tax return cannot be calculated from the Federal schedules.