I am doing some estate planning. As a result, I am setting up 3 Trusts with separate tax ID numbers

thomasjackson112

Can I continue to use my 1 Quicken file with more than 1 tax ID number?

Frankx

Hi @thomasjackson112

The short answer is "yes" you can set up a Quicken file that includes data for 3 trusts (and the "tax ID numbers" really aren't a factor in that determination). 

That being said, from an organizational point of view, and perhaps from a legal point of view (although I am not an attorney nor am I providing any legal advice here), I would suggest that you actually establish three separate Quicken files.  My reasoning is that, in fact, these are three separate legal entities, and it would be "cleaner" if they were treated as such from an accounting viewpoint as well as from an organizational viewpoint as well. 

Since these are new trusts, I suggest that you should be able to establish one Quicken file for one of the trusts first.  Then potentially copy that datafile two times to and then simply edit information for these other two datafiles.

Let me know if you have any followups.

Frankx

Jim_Harman

Or more specifically if a trust is irrevocable and has its own Tax ID it should have a separate Quicken file.

The trust will be filling its own taxes on Form 1041 and you will want to keep its distributions,  income, capital gains, etc separate from your own finances.

Are you the Trustee and will you be preparing the trusts' taxes yourself? If so I have some follow up ideas.

Frankx

Hi @thomasjackson112

The short answer is "yes" you can set up a Quicken file that includes data for 3 trusts (and the "tax ID numbers" really aren't a factor in that determination). 

That being said, from an organizational point of view, and perhaps from a legal point of view (although I am not an attorney nor am I providing any legal advice here), I would suggest that you actually establish three separate Quicken files.  My reasoning is that, in fact, these are three separate legal entities, and it would be "cleaner" if they were treated as such from an accounting viewpoint as well as from an organizational viewpoint as well. 

Since these are new trusts, I suggest that you should be able to establish one Quicken file for one of the trusts first.  Then potentially copy that datafile two times to and then simply edit information for these other two datafiles.

Let me know if you have any followups.

Frankx

GeoffG

You can establish as many accounts as you want, regardless of the tax status. The question depends on if you want a separate data file or combined. If the trust is yours, then they should be all in one. If it is for another individual, then perhaps best kept separate. 

Jim_Harman

Or more specifically if a trust is irrevocable and has its own Tax ID it should have a separate Quicken file.

The trust will be filling its own taxes on Form 1041 and you will want to keep its distributions,  income, capital gains, etc separate from your own finances.

Are you the Trustee and will you be preparing the trusts' taxes yourself? If so I have some follow up ideas.

thomasjackson112

Thanks for your help.