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Ephesians3-14
Level 7
October 23, 2024
Solved

Trust owns S Corp Shares

  • October 23, 2024
  • 2 replies
  • 10 views

I have a client whose revocable trust owns the interest in his S Corp. Can I just use my client's SSN and name on the K-1 to keep things simple...or do I need to use the S Corp name and FEIN?

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Best answer by Terry53029

If it is a simple living revocable trust, meaning all income is reported by the grantor, then yes the K1 should use his/her info

2 replies

T
Terry53029Intuit Community ChampionAnswer
Intuit Community Champion
October 23, 2024

If it is a simple living revocable trust, meaning all income is reported by the grantor, then yes the K1 should use his/her info

    dascpa
    dascpa
    Level 11
    October 23, 2024

    Agreed with prior reply however be aware of the extremely serious pitfalls should (a) the trust turn into a post-death irrevocable trust or (b) the grantor becomes incapacitated and no longer has the "powers".  

    E
    Ephesians3-14Author
    Level 7
    October 23, 2024

    Right - understood re after the grantor dies that things change from a tax standpoint.

    Thanks for your help!

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