Business code for trustee

Forum|Forum|5 years ago
March 21, 2021
2 replies
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Trustee for trusts

TurboTax Self Employed Online

Best answer by ToddL99

Unless you are an attorney specializing in trustee services, there is no specific business code for a "Trustee".

For an individual performing trustee duties for a friend or relative, I suggest "812990 - All other personal services".

Anonymous_

Level 15

Are you a professional fiduciary?

If you are not a professional fiduciary, then you do not need a business code; the fee you receive should not be reported on Schedule C (it is miscellaneous income).

If you are a professional fiduciary, you can always use "999999" for unclassified or choose a code for one of the professional services.

See https://www.irs.gov/instructions/i1040sc#idm140094050353104

ToddL99Answer

Level 13

Unless you are an attorney specializing in trustee services, there is no specific business code for a "Trustee".

For an individual performing trustee duties for a friend or relative, I suggest "812990 - All other personal services".

Business code for trustee

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