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

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

Best Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    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


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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited January 28 Accepted Answer
    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.
    QWin Premier subscription

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    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


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    edited January 28
    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. 
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 20H2
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited January 28 Accepted Answer
    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.
    QWin Premier subscription
  • Thanks for your help.
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