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Retirement tax questions
Yes, enter these fees (less your expenses) as Other Reportable Income. You do not need to file a Form 1099-NEC or 1099-MISC (not required since these payments were not made in conjunction with a trade or business)
From Publication 559 from the IRS:
"All personal representatives must include fees paid to them from an estate in their gross income. If you aren't in the trade or business of being an executor (for instance, you are the executor of a friend's or relative's estate), report these fees on your Form 1040, line 8. If you are in the trade or business of being an executor, report fees received from the estate as self-employment income on Schedule C, Profit or Loss From Business; or Schedule C-EZ, Net Profit From Business, of your Form 1040."
To report the income:
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Go to Less Common Income, Miscellaneous Income and Other reportable income. Enter "Lawsuit settlement" in the Search Box and Select "Jump to lawsuit settlement" "to get to this screen ("Lawsuit settlement" is just an effective search term to get to this interview screen)
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Continue to the screen "Other Taxable Income". Enter the description as "Net Executor Fees" and the amount. These are NOT wages.
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The amount will be entered on line 8 of Schedule 1, and Line 8 of Form 1040.