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Level 2

Question

Hourly rate plus Executor fee

4 replies
52 views

I was Executor and Trustee for my father's estate and trust. In addition to the state dictated executor fee and a trustee fee, I also was paid an hourly rate to handle the other issues that arose. The amount of the hourly wages came to approximately $70,000. I am wondering if I could/should have this as earned income (to increase my social security in the future). The executor and trustee fees are posted as misc income. Any help is appreciated.

Level 15

@tnunnell wrote:

...The executor and trustee fees are posted as misc income.

Miscellaneous income is precisely what the payments are unless you are a professional fiduciary or were paid a wage for some unrelated work.

Level 2

I was paid the $70,000 for misc work. Where do I put it? And does it count towards my social security earnings?

Level 15

What type of work? Was this relative to your duties as executor and/or trustee?

If it's miscellaneous income, it does not count toward your social security earnings.

Level 2

it was anything from cleaning out the house, setting up bank accounts, selling investments, talking with attorneys and accountants, etc.