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Level 1

Question

My bank account is included in an Individual Revocable Living Trust. When filling out form W-9, do I check Individual or Trust?

Forum|Forum|2 years ago
October 27, 2023
3 replies
20 views

I really need to speak to a real person

TurboTax Online

Level 15

If you have an EIN for the trust, then use that number.

Otherwise, use your SSN and individual.

Level 15

I would not use the EIN of the trust if the account earns interest, dividends, etc. because the 1099 issued under the trust EIN might then require you to file a grantor trust return just so you can report the earnings on your 1040. however, if it's a non-earning bank account the trust EIN is fine. The same advice would apply if other earning assets are included in the trust. EIN = grantor trust if gross earnings over $5600 SSN = no grantor trust regardless of earnings.

Mike9241

Level 15

It's a grantor trust so @linlouvan needs to decide which option to use for reporting income.

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286020

Clearly, it would be optimum to not report on a 1041 as it does little other than increase the compliance burden.

Level 13

Yes, you really do need to speak with a real person.

That should be a one on one with a tax professional who understands these rules, and can read your documents and understand what is in the trust.

The regulations 1.671-4 provide guidance on reporting for grantor trusts.

There are too few facts to provide a best response, and only vetting out the facts of your specific situation can tell you what you need to do.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.