Grantor Trust Agreement Without
Description
How to fill out Grantor Trust Agreement Between Cumberland Mountain Bancshares, James J. Shoffner, Et Al.?
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FAQ
If you set up an irrevocable trust, you must fill out a W-9 form so that the IRS can grant you a taxpayer identification number for your trust. Provide the name of the trust at the top of the form where the IRS asks for a name. Do not put the name of the trustee in this space, just the name of the trust.
The trustee must give the trust's name, TIN, and address to all payors for the taxable year, and the trustee must file Forms 1099 with the IRS and appropriately attribute the income of the trust among the grantors in proportion to their deemed ownership.
Fiduciaries are able to e-file FTB Form 541, California Fiduciary Income Tax Return, for this year and the past two tax years.
Typically, a trust must file a separate income tax return for each calendar year. However, for most grantor trusts, filing a separate tax return is optional.
Grantor trust status can apply to either a revocable or an irrevocable trust, and there can be multiple deemed owners of a single trust. The general rule is that all grantor trusts must file a Form 1041, which contains only the trust's name, address, and tax identification number (TIN) (see Regs. Sec.