dmertz
Level 15

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As Mike9241 indicated, for your revocable living trust, your bank should normally be using and reporting with your SSN.  This is Optional Method 1.

 

It is permissible to have the income reported as income to the trust under the trust's EIN, but all payers are then to use the EIN and the trustee of the trust must then nominee the income to the individual (you, the grantor), generally an unnecessary complication compared to Optional Method 1.  With respect to 2023 income, the deadline to file the Forms 1099 to nominee the income to the individual was February 28, 2024 if filed manually or March 31, 2024 if filed electronically.  This is Optional Method 2.

 

There is also Optional Method 3, similar to Optional Method 2, used when there are multiple grantors.

 

With these optional reporting methods, no Form 1041 is filed.  In each case, the individual receives a Form 1099 to be reported on the individual's tax return, Form 1040.

 

Given the circumstances, Mike9241's suggestion to get the bank to correct the reporting to show the income as paid to your SSN and not to the EIN seems appropriate.