As a general rule, grantor revocable trusts do not need a separate EIN. The trust's income is reported under the grantor's SSN because the grantor may, at any time, revoke the trust and regain possession of the property.

Does a GRAT have its own tax ID?

To avoid having to file its own fiduciary income tax return, the GRAT should not apply for a separate taxpayer identification number. Rather, the grantor's Social Security number should be used for any bank or brokerage accounts opened in the name of the GRAT.

Does an IDGT need an EIN?

The one key thing that all parties should be aware is that the IRS does not require or recommend obtaining an EIN/Tax ID Number for “Grantor Trusts.” The client can use their own social security number when they open the account, because income from the account is to be reported on the individual income tax return of ...