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.
You'll need to sign in or create an account to connect with an expert.
@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.
it was anything from cleaning out the house, setting up bank accounts, selling investments, talking with attorneys and accountants, etc.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
melissaforpeace315
Level 4
reevarcoe
Level 1
tnunnell
New Member
tnunnell
New Member
Tim Cox
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.