Discussion:FILING REQUIREMENTS FOR GRANTOR IRREVOCABLE TRUST
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Revision as of 22:08, 4 November 2009 Dennis (Talk | contribs) (There would be n) Next diff → |
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| irrevocable grantor trust. So I guess I'll get a tax # and file a 1041 for the first time, even though the trust was established 20 years ago. I just don't want to open | irrevocable grantor trust. So I guess I'll get a tax # and file a 1041 for the first time, even though the trust was established 20 years ago. I just don't want to open | ||
| a can of worms looking for past years that were never filed. }} | a can of worms looking for past years that were never filed. }} | ||
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| + | {{ForumReplyPost|UserID=Dennis|Date=4 November 2009|Text=There would be no returns required for the years grantor was trustee. Again. Filing is far less important than ascertaining the records necessary to protect the assets. }} | ||
Revision as of 22:08, 4 November 2009
Discussion Forum Index --> Advanced Tax Questions --> FILING REQUIREMENTS FOR GRANTOR IRREVOCABLE TRUST
Discussion Forum Index --> Tax Questions --> FILING REQUIREMENTS FOR GRANTOR IRREVOCABLE TRUST
| 30 October 2009 | |
| I have a trust that was set up 20 years ago for medicaid planning. Never filed for tax i.d. # and never filed return.
Client now needs i.d.# for check cashing purposes. Lawyer says it is an irrevocable, grantor trust. I believe I can file for a number and not file a return as all income goes on grantor's(still living) return. Thanks! | |
| 30 October 2009 | |
| There is a major difference between what you can do and what you should do. Consult the attorney once more and determine what records will be sufficient for the trust to actually accomplish its purpose. (Matter of state law...IRS could care less) Real hard to protect assets without a clue what they are. If grantor is a trustee there are no filing requirements. If grantor is not a trustee the requirements are most easily met by filing or at least preparing a return. Either way a set of books is essential. | |
| 1 November 2009 | |
| READ THE TRUST DOCUMENT!
If it's an irrevocable grantor trust it requires an EIN. A 1041 is partially completed. Info passes to the grantor by a statement attached, not the K-1. If it's a revocable trust, then the income passes directly to the grantor. The trust doesn't require a separate EIN. You are saying one thing and describing another. | |
| 4 November 2009 | |
| Grantor was a trustee but is currently being removed for better protection from medicaid. I read the trust. It appears to read as the attorney is defining it:
irrevocable grantor trust. So I guess I'll get a tax # and file a 1041 for the first time, even though the trust was established 20 years ago. I just don't want to open a can of worms looking for past years that were never filed. | |
| 4 November 2009 | |
| There would be no returns required for the years grantor was trustee. Again. Filing is far less important than ascertaining the records necessary to protect the assets. | |
