Trust Vault
Trust Vault
Trust Vault
Trust Vault
Trust Vault
100

What will the 3rd number of an EIN be?

6 or 7

100
What IRM authorizes individuals to receive an EIN for a TRUST

IRM 21.7.13.5.8.2

100

What Income Tax Form is used for Trusts?

(Number and Name)


1041

U.S. Income Tax Return for Trusts and Estates.

100

What form is needed to release the EIN to a third party? 

2848 or 8821

100

What tool can you use to locate the EIN for a trust. 

Integrated Automation Technologies (IAT) EIN Assignment Tool

200

4 Reasons a NEW EIN is assigned?

  • A new trust entity is created
  • The trust becomes irrevocable following death
  • An estate changes to a testamentary trust
  • A trust changes to an estate
200

Who is the creator of the trust?

The grantor, maker or trustor, is the creator of the trust.

200


What individuals are authorized to receive the EIN for the trust?



  • A grantor
  • A trustee
  • A beneficiary having a material interest, or
  • An authorized representative


200

What is the Name Control for the trust?

The Name Control is the first four characters of the individuals last name. If no individual is named, it is the first four characters of the Primary Name line

200

What is the FYM for a Trust?

12 / December


300

What is the full definition of a trust?

A trust is a legal entity created under state law and taxed under federal law in which one party holds assets for the benefit of another.



300

What is the purpose of the trust 

The purpose of a trust is to protect or conserve assets for the beneficiaries

300

What is a Beneficiary?

  • The Beneficiary is the person designated as the recipient of funds or other assets under a trust.
300

Can you take a call about the balance due on a Trust?

NO


300

Can you take a call to locate an EIN for a Trust?

YES!!!

400

Where would you go to locate the extension to transfer for someone who has a question about their 1041 form?

TTG-Telephone Transfer Guide 

400
Bob the Builder needs to get a letter with his EIN number for his bank account.  He asked can you send him the original letter? What letter are you sending him?

147C

400

Do we assign NEW EIN's if the trust changes? 

True or False 

False 


400

De we assign and new EIN or the if the sister or brother who is over the trust changes his or her address?

True or False? Why

False : Only if he grantor or beneficiary changes his or her name or address.

400
What form is used to request an EIN for a trust?
SS-4
500

Is a foreign individual requesting an EIN for a trust are they required to have an ITIN?

No

500

In Chamblee when we assign EIN's, do we call the individual when the writing on the form is not legible?

Why?

No-We don't assign EIN's in Chamblee

500

When is the Care-Of- Line used?

When the trustee is an individual?


500

The grantors TIN is found on what lines of the form SS4?

7b and 9a

500

What is a split interest trust?

Split-interest trusts make distributions to both charitable and non-charitable beneficiaries, while providing tax benefits to their donors.

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