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Revocable Living Trust

denbish
  |     |   34 posts since 2017

I recently received a letter from my credit union regarding my Taxpayer Identification Number aka Social Security Number that I used for my trust account. They said that the IRS sent them notification that the TIN # did not match its records. This sent me in to a tailspin. All information on the internet and the credit union told me to use one of our SS# as TIN for trust. What's was going on. A call to a rep said no worries and said that they get random batch letters from IRS and they just want a back up form saying the same thing that I filled out when opening account. Does anybody know anything about this practice. And am I doing the right thing using our SS# for the TIN for the trust account.

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Answers
Bozo
  |     |   1,375 posts since 2011
It's complicated. Best to consult with your CPA. Some trustees can report trust income under their SSNs, and some cannot. In our family trust, as a successor trustee, I needed to obtain a Trust TIN. Before she died, my Mom just used her SSN.
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denbish
  |     |   34 posts since 2017
So they just withdrew money out of my account for irs withholding. I don't understand why. I called them up and it was after hours and rep said irs sent letter telling to withhold money. I don't understand why. It's not even that much money. And we pay our taxes. We don't have any weird stuff going.
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