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Guest Thornton

Trust ID Number

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Guest Thornton

Is it necessary for an individually trusteed plan to obtain a trust ID # from the IRS, or is it ok to use the EIN? I previously for a trust company which served as corporate trustee, and we always got a trust ID #.

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Guest derek

It's really easy to get a EIN for a trust. You just need to get a copy of SS-4 (IRS) and complete the basic information. There is also a phone number for IRS to obtain a EIN. I would list all of the numbers, but they differ depending on your location. The 1-800-TAX-Form hotline should be able to get you a copy of the form (as well as tell you where to call).

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Guest PLHart

We rarely apply for trust ID# and simply use EIN for 1099R reporting purposes with name of plan and employer on forms. Of course, all wthholding remittances are also under EIN but are coded as 945 rather than 941 differentiating the withholding from regualr payroll. We have never had a problem with this upon audit. Does anybody know of any reason why we should not continue to operate in this fashion?

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Guest pensiondoc

Technically, the trust should have its own EIN. The PLAN is paying out benefits, not the employer. I have been involved with several plan audits over the last few months where IRS has insisted on a separate EIN for the trust just for this reason. There is another reason, but I do not recall the reasons. It has something to do with the two types of depositors of withhlding: if you lump all withholding under the employer's EIN and the total is over $50,000, I believe that changes your withholding status from monthly to semiweekly or vice-versa.

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