The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/how-to-report-executor-income-30855490.aspx

Subject:  how to report Executor income Date:  9/4/2013  8:55 AM
Author:  2gifts Number:  119128 of 121572

DH is Executor on two estates that may wrap up this year. He will be able to get paid for his time, and so I am thinking that he will receive a 1099 for that income that we will report on our taxes. I am also thinking that since this will be 1099 income, there will be no FICA, and so won't he owe the other 7.5% of FICA like on his self-employment income? And does that mean this gets reported on his Schedule C? Or is this considered something else, and just gets lumped in somewhere on our 1040 with no additional FICA taken out anywhere?

I'm just trying to be proactive in terms of understanding where and how this income will be reported. Anyone know or can point me to the right publication?
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us