When filing using Turbo Tax business for a living trust do I need to obtain an EIN or can I just use my social security number?
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"... do I need to obtain an EIN or can I just use my social security number?"
For a revocable living (a.k.a., grantor) trust, you can use your social security number provided you are reporting using Optional Method 1 (link below).
"... do I need to obtain an EIN or can I just use my social security number?"
For a revocable living (a.k.a., grantor) trust, you can use your social security number provided you are reporting using Optional Method 1 (link below).
Turbo tax won't allow me to enter a social security number for a Revocable Living Trust tax return. How do I do it?
@tropbeach wrote:
Turbo tax won't allow me to enter a social security number for a Revocable Living Trust tax return.
You need a TIN (EIN) for the trust if you are going to file a Form 1041.
See https://www.irs.gov/instructions/i1041#idm140366310222736
If you have a revocable trust the income is reported on the grantor's tax return and not on a form 1041. When the grantor passes then the trust becomes irrevocable and requires it's own EIN.
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