Special Needs Trust Tax Filing Requirements
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How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
A Special Needs Trust must have its own Federal Identification Number (also called an Employer Identification Number, EIN, Tax Identification Number, or TIN) to be valid. This unique number means that the Trust is its own entity, and that it does not belong to anyone but itself.
In the case of third party special needs trusts, if the trust is considered a grantor trust, all items of income, deduction and credit are generally taxed to the individual(s) who created and funded the trust (typically parents or other relatives of the individual with a disability).
It is important to remember that the SNT cannot deduct expenses like rent and food. Deductions can be for medical care, custodial care, support services, and similar care not provided by public benefits programs.
Practically, with most smaller trusts, there's no real difference in the tax treatment of the two types of trusts, since they use all their annual income for the benefit of the individual with special needs. But the difference can be significant with respect to larger trusts.