Brokerage statement titled with "TTEE" but with a EIN. What form to use?

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604

    #1

    Brokerage statement titled with "TTEE" but with a EIN. What form to use?

    Brokerage statement titled with TTEE but with an EIN. Also has U/A DTD (Under Agreement date of trust document). I have seen these before but with SS#. Do I use a form 1041?

    UPDATE: I located the SS-4 issued by the IRS and it states form 1041 is to be used.
    Last edited by AZ-Tax; 01-19-2016, 06:35 AM.
  • ToledoEd
    Senior Member
    • Jan 2010
    • 134

    #2
    Thank you for updating your post with the answer.

    Comment

    • JON
      Senior Member
      • Jul 2005
      • 1265

      #3
      Ss-4

      Is it a Revocable Trust or not, that is the question. If revocable trust you do not have to file on a 1041, and normally do not want to. I think you need trust agreement. This must mean this is the first year... Irrevocable means you probably also have gift tax returns.

      Comment

      • DaveinTexas
        Senior Member
        • Jan 2006
        • 731

        #4
        Just my 2 cents

        Remember that on the same SS-4 letter (also known as CP575 Notice), it states (verbatim) "We assigned you a tax identification number based on information obtained from you or your representative. It is not a legal determination of your tax classification, and it is not binding on the IRS."

        We all know that the client will receive a client if you file a return contrary to what the classification states on the letter, but those are the breaks. You just write a letter explaining the "inconsistent" treatment of the actual return you filed and what the IRS might "think" you should have filed.
        Circular 230 Disclosure:

        Don't even think about using the information in this message!

        Comment

        • Burke
          Senior Member
          • Jan 2008
          • 7068

          #5
          That is correct. 1041 not necessarily required. You need to examine the Trust document. If it is a disregarded entity due to its being a Revocable Trust, then all goes on the grantor(s)' 1040, and the EIN should be corrected on the financial accounts to SSN.
          Last edited by Burke; 01-19-2016, 02:51 PM.

          Comment

          • AZ-Tax
            Senior Member
            • Feb 2008
            • 2604

            #6
            Wouldn't "Rev" appear on the account title?

            Wouldn't the word "Rev" or " Revocable" appear on the title of the account?

            Comment

            • Burke
              Senior Member
              • Jan 2008
              • 7068

              #7
              Not necessarily. It depends on what the clerk typed in who set up the financial account. Don't ever trust that. Get the Trust Document.

              Comment

              • Kram BergGold
                Senior Member
                • Jun 2006
                • 2112

                #8
                Irrevocable

                I think this is an irrevocable trust and 1041 is required.

                Comment

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