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