My wife and I are members of a multi-member LLC (treated as an S-Corp and filing 1120S). As part of our Estate Plan, our attorney had us transition ownership of the LLC to our new revocable trust beginning January 1, 2022. The trust does not have an EIN.
Do I need to “Change ownership” of the LLC in TurboTax Business (while working on the 1120S return for this business)?
Or is the trust considered a disregarded entity and I should leave my spouse and me as the members for the purposes of the tax filing (I.e., no change in ownership)?