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I
id453
Employee
December 16, 2022
Solved

Converted Regular Brokerage acct to a Living Trust 1099's ?

  • December 16, 2022
  • 2 replies
  • 0 views

Looking for a heads up (curious).

I converted a regular Brokerage account to a Living Trust mid year.

Will I get two 1099's or would they just combine them into one.

Thanks in advance.

Best answer by Anonymous_
@id453 wrote:

I converted a regular Brokerage account to a Living Trust mid year.

Will I get two 1099's or would they just combine them into one.

Almost certainly just one 1099 unless you got an EIN from the IRS and gave that number to your brokerage firm.

 

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000286018

2 replies

A
Anonymous_Answer
Employee
December 16, 2022
@id453 wrote:

I converted a regular Brokerage account to a Living Trust mid year.

Will I get two 1099's or would they just combine them into one.

Almost certainly just one 1099 unless you got an EIN from the IRS and gave that number to your brokerage firm.

 

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000286018

    I
    id453Author
    Employee
    December 16, 2022

    @Anonymous_ 

    Thanks.

    Appreciate the response.

    No EIN was issued or needed at the time the Trust was setup.

     

      A
      Anonymous_
      Employee
      December 16, 2022
      @id453 wrote:

      No EIN was issued or needed at the time the Trust was setup.

      Great, since you can now simply file an individual income tax return (1040) and treat the trust as a disregarded entity (which it is).

        M
        Mike9241
        December 17, 2022

        why not contact the brokerage? 

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