The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: SSN vs EIN Date:  6/28/2013  6:43 AM
Author:  JeanDavid Number:  118775 of 127634

So I make up a phony name for a non-existent business, sent it to the IRS who issued me an EIN. I put that into the form and paid the tax.

For future reference and for lurkers, this was a totally unnecessary exercise in MSU. Despite the name Employer Identification Number, one doesn't need a business, let alone employees, to get one. You tell them that it's for an individual and they don't go looking for any kind of income report under the EIN.

I do not understand your reply -- this does not mean I disagree with it.

The issue in question was I bought a single payment annuity from a Swiss insurance company. This, in contrast to a US issued annuity, is subject to a 1% federal excise tax. And that is paid on some form or other, and that form requires an EIN. I assumed I could just put my SSN in there, but the IRS rejected it. That is why I got my own EIN. This would have been in 1996, if I remember correctly.

I do not know what MSU is.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us