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R
Ramlal
Level 2
November 9, 2022

When applying for EIN for self-directed IRA, do I select sole ownership and apply EIN using the Tax Payor's Name?

  • November 9, 2022
  • 1 reply
  • 9 views

When applying for EIN for self-directed IRA, do I select sole ownership and apply EIN using the Tax Payor's Name?

I am told the TP has to file 990T. 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    November 9, 2022

    The IRA Custodian/Trustee has to file. They already have an EIN.

    Why aren't they preparing the 990-T?

    The more I know the more I don’t know.
    R
    RamlalAuthor
    Level 2
    November 9, 2022

    I have been preparing TP's taxes, and he wants me to prepare 990T for the IRA. In order to prepare 990T for the IRA, I need an EIN. I want to know whether to select a sole proprietorship or LLC when applying EIN.

    sjrcpa
    sjrcpa
    Level 15
    November 9, 2022

    Probably trust.

    The more I know the more I don’t know.
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