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michele
Level 6
April 6, 2024
Question

1099 NEC Issued to estate 1041

  • April 6, 2024
  • 1 reply
  • 7 views

This is the first I have seen an estate issued a 1099 nec for a sizeable amount. Yes there is a 1099 nec on the personal return.  Then this portion to the estate. I have not had this before am I right that the estate is not accessed self employment tax. I am reporting it on a schedule  C on the  1041

 

thx

Michele

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1 reply

BobKamman
BobKamman
Level 15
April 6, 2024

Sounds like income in respect of decedent.  Earned before death, but paid after, right?  And I wouldn't show it on Schedule C.  That implies that the business is being continued by the executor.

    sjrcpa
    sjrcpa
    Level 15
    April 6, 2024

    "That implies that the business is being continued by the executor."

    @BobKamman This is possible.

    The more I know the more I don’t know.
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