donheff
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DW and I recently updated our estate plan and set up a joint revocable trust for our house and taxable accounts. When we moved our joint brokerage account into the trust, Vanguard offered to apply for an IRS Employer Identification Number (EIN) for the trust. IRS sent a confirmation, noting that all future dealings with them on the account should reference the name and EIN they registered and also noting that we should file a Form 1041 next 4/15.
The IRS letter made me realize that I don’t know how this EIN will affect our annual tax filing. I assumed we would report dividends and CGs the same way we always have but...? Will we need to account for the trust earnings differently? Will Vanguard and TurboTax make it easy or is it a PITA?
The IRS letter made me realize that I don’t know how this EIN will affect our annual tax filing. I assumed we would report dividends and CGs the same way we always have but...? Will we need to account for the trust earnings differently? Will Vanguard and TurboTax make it easy or is it a PITA?