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Generally, the answer is no. Although the compensation is taxable income, it is reported as non-employee compensation on line 21 of your individual tax return, IRS Form 1040 and not subject to self-employment income. The exception is if you are in the trade or business of being an executor; if so, you report executor fees as self-employment income on Schedule C or Schedule C-EZ. This applies if you are an attorney or accountant and serve as an executor or estate administrator in the normal course of your business. This is set forth in IRS Revenue Ruling 58-5: http://dsbcpas.com/databases/rev_rul/revrul58-5.html
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