Where to enter executor income?
In 2024 I received income for work as executor for a family situation (I'm not a professional executor). For 1040 filing, where do I enter this income?
Answers
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Sounds like that you'd enter that on a schedule 1. Here is a link to the IRS website talking about Executors. I copied over a section of it as well that I think applies to you.
Fees Received by Personal Representatives
"All personal representatives must include fees paid to them from an estate in their gross income. If you aren't in the trade or business of being an executor (for instance, you are the executor of a friend's or relative's estate), report these fees on your Schedule 1 (Form 1040), line 8z. If you are in the trade or business of being an executor, report fees received from the estate as self-employment income on Schedule C (Form 1040), Profit or Loss From Business.
If the estate operates a trade or business and you, as executor, actively participate in the trade or business while fulfilling your duties, any fees you receive related to the operation of the trade or business must be reported as self-employment income on Schedule C (Form 1040)."
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Thanks!
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