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Tax reporting of a settlement payment to a trust
October 3, 2023
Q. I am interested in understanding how to report a settlement payment that was paid to a trust (directly to the county) on behalf a minor. We do not have any identifiable information on the minor. Do we send a 1099 to the county?
A.
(Answered by IOFM's third-party tax experts)
If a trust has been established, that trust has a name and will have been assigned an EIN by the IRS as the tax identification number of the trust, so if a payment to the trust (the trust being a payee on the check) is a…
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