Are payments to a trust reportable?
March 1, 2019
Q. We received a W-9 with box Trust/Estate checked and a tax reporting name that includes "multigenerational irrevocable trust". Would payments to this vendor be considered 1099 reportable, and if so would normal rules apply based on the type of payment made?
Yes. Trusts and estates are not, in general, exempt recipients, except as listed on page 3 of the Form W-9 (Nos. 8, 10, and 13):
This question was answered by COKALA Tax Information…
Become A Member
Join IOFM today as a Professional, Business, or Enterprise member — or upgrade your Starter membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!