Executor Fees - Income Year Received? ...or refile previous years.

[12riverbend12]

I was executor on an estate that started in 2019 and finally wrapped up in early 2022.

No Executor Compensation  (Fees) was received by me until the final disbursement in early 2022 (after almost 3+ years).

Do I have to claim this income in 2022?  ...or can I spread it over 2019, 2020, 2021, and 2022? 

I am sure I would have to refile previous years' taxes and incur a late fee penality... but maybe the tax I would owe would be less in the long run.

[Marc_J]

Hi @12riverbend12 

If you received the payments in 2022, then you would declare that income in 2022. You would not need to file or refile prior year returns.

I hope that answers your question.

[marvin42]

What is the industry code for Executor fee!

[marvin42]

Do you know the 6 digit code that CRA use for Executor fee

[TurboTaxGinette]

It is not indicated in our North American Industry Classification System (NAICS) Canada. Please contact the Canada Revenue Agency (CRA) by calling them at 1-800-959-8281.

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