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Do I need to issue a 1099-Misc for executor fees?

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I am the executor of...

I am the executor of my parents estate and received 20,000 in fees for administering the estate. I have been researching online to see whether I have to issue a 1099-misc to myself as the estate is not a business and I am not a professional executor. I was going to issue one just to be on the safe side, and enter the 20,000 in box 3. Since the payment was issued at the end of the tax year, there was no estimated withholding last year. Can I pay the estimated withholding now, for 2009? If so, how would I do that? Also, if I issue a 1099 Misc, I am not sure how to fill out the bottom about state income. Is the state payers number the same as the estate federal tax ID? I am a resident of AZ, but have been living in NJ on and off in the process of fixing up a house for sale that was part of the estate. Would I claim the 20,000 to AZ or NJ on a state return?

Submitted: 7 years ago.Category: Tax
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Answered in 18 minutes by:
3/1/2010
Tax Professional: Lev, Tax Advisor replied 7 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
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The estate doesn't need to issue the form 1099-misc to you as are the executor of your parents estate.

For reporting your income - please see for reference IRS publication 525 page 33 - http://www.irs.gov/pub/irs-pdf/p525.pdf

Personal representatives. All personal representatives must include in their gross income fees paid to them from an estate. If you are not 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 Form 1040, line 21. If you are in the trade or business of being an executor, report these fees as self-employment income on Schedule C or Schedule C-EZ (Form 1040). The fee is not included in the income, if it is waived.

For state income tax purposes - you will claim this income for the state where you are a resident.

You may pay estimate taxes at any time, but you still might owe underpayment penalties depending on your last year tax liability. To determine if there will be any penalty - please fill the form 2210 - http://www.irs.gov/pub/irs-pdf/f2210.pdf

If there is no underpayment penalty - you may pay all tax liability by Apr 15.

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