Question

Can I count trustee payment as earned income?

Forum|Forum|4 years ago
February 24, 2022
1 reply
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I earned a payment in 2021 as a trustee. I am otherwise retired and therefore have no other earned income. Can I count the trustee payment as earned income. I have not paid taxes on this amount yet, and do not have a W-2 for this amount. How would I count this income on my taxes? Am I allowed to make an IRA contribution in this amount if this is classified as earned income?

A

Anonymous_

Employee

@pwolk wrote:

How would I count this income on my taxes?

That would be miscellaneous income (not subject to self-employment tax) unless you are a professional fiduciary (which does not appear to be the case).