Looking for 1040 Schedule 3 Additional Credits and Payments in TT Premier desktop version (not download). I have to enter Fiduciary fees on this schedule. Not seeing it in the file form tree.
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If you’re using the desktop version of our program, there’s an “Open Form” button in “Forms Mode,” where you can bring in forms that haven’t been completed by going through the interface. But it’s advisable to enter everything back in the questions, in “step by step” mode.
I’m also curious about what's going on taxwise, as there’s no credit (on Schedule 3) for fiduciary fees. Expenses of an estate normally show up on Form 1041 (with reimbursement to executors as appropriate, as covered in this other thread), and income from fiduciary fees (to someone not in business regularly as an executor, discussed here) goes on Schedule 1 (here), line 8z, as a write-in entry.
@John58H, please re-post if I misunderstood your question, and/or if more clarification is needed on the tax treatment…
Hi RalphH1,
The Fiduciary Fees is the dollar amount paid to me the Trustee for time spent managing my parent's estate to prepare for sale. I was compensated for that time along with mileage and OOP expenses. That total amount does show up on the 1041 form line 12 that I was copied, and I was of course told that the time (hourly) compensation would be taxable income. I was told the hourly portion total of the reimbursement was to be entered on Schedule 3 form line 6Z and noted as fiduciary fees. So, this Trustee income should be reported as misc income on schedule 1? I don't have any 1099 for this amount as it's part of the Trustee statement.
Schedule 3 line 6z is for nonrefundable credits. You want schedule 1, line 8z, just like @RalphH1 said. Just enter the amount that was received in total for the hourly wages (not the mileage or expenses) and then put 'Fiduciary Fees' as the description.
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