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4071ivy
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CRUT trustee annual income is taxable. Do I have to pay FICA tax on this income??

 
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Anonymous
Not applicable

CRUT trustee annual income is taxable. Do I have to pay FICA tax on this income??

A nonprofessional PR or Trustee (such as one serving in a family or friend setting) will simply include the fees in the Trustee’s gross income on Line for misc income of Form 1040 as other income, and such fees are not subject to self-employment tax.

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1 Reply
Anonymous
Not applicable

CRUT trustee annual income is taxable. Do I have to pay FICA tax on this income??

A nonprofessional PR or Trustee (such as one serving in a family or friend setting) will simply include the fees in the Trustee’s gross income on Line for misc income of Form 1040 as other income, and such fees are not subject to self-employment tax.

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