Message Font: Serif | Sans-Serif
No. of Recommendations: 9
In 2000, when my lawyer wrote my Revocable Living Trust, he told me that it should have the same TIN as my Social Security number as long as I am alive. I have been doing that ever since. Every year at tax time, I send a 1041 form of the trust attached to the joint 1040 that my husband and I file jointly.

I have to ask, whatever possessed you to prepare a 1041? I have this feeling that 12 years ago, when your lawyer told you to use your SSN, you assumed he meant on a 1041, and he assumed that you understood he meant as the TIN on your accounts. Like they say about assumptions, ....

You never should have prepared, let alone filed, a 1041. This type of trust is ignored for tax purposes. I suspect things went along smoothly all these years because IRS just ignored the 1041 or never looked at it in the first place. Somehow your latest one took on a life of its own, and that requires an EIN. Voila!

Stop preparing 1041's. Ignore the EIN. If the IRS inquires after a 1041 for the trust write back to them telling them it's a passthrough entity and all income is reported under your SSN.

Rule Your Retirement Home Fool
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.