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Submitted By: someone
Answered: April 7, 2017 8:39 am
Answered: April 7, 2017 8:39 am
Can I make a Roth IRA contribution based on the fees I received as executor of my mother’s estate?
Roth IRA contributions must be based on earnings as an employee or from self-employment. Executor fees, while included in gross income, are not treated as self-employment income for someone who is not in the trade or business of being an executor (i.e., someone who serves as one for a relative).
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Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
