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Subject:
new tax ID number for revocable trust
Category: Business and Money > Accounting Asked by: bkanter-ga List Price: $25.00 |
Posted:
22 May 2006 09:54 PDT
Expires: 21 Jun 2006 09:54 PDT Question ID: 731331 |
My father had a trust which distributed money to his children in trust upon his death. He passed away last year in the middle of the year. The trust was revocable so it was under his social security number. For this recent tax return (2005) I filed my parents return (my mother is still alive) as a joint return and said my father passed away. In this way my parents picked up the income for all the beneficiaries. I am told that the trust cannot continue under my father's SS # and I have to get a new Tax ID #. Is this correct and do I then have to issue K-1's to the beneficiaries. (I am the trustee of thses trusts). or does each child's sub trust have to have a separate Tax ID #. Or should we put each beneficiaries account under their own Tax ID #. |
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