Estate Tax ID (EIN) Number Obtainment Guide
Steps to Obtain your Estate Tax ID Number Online
Let's face it, dealing with the death of a loved one is never enjoyable; but with a little understanding of what you're going to need in advance, you can soften the hardships involved with settling your Estate of Deceased. The first thing you're going to need is your Estate's Tax ID (EIN) Number - which will allow you to open a bank account for your Estate. Simply follow this step-by-step guide to obtain your Estate Tax ID Number online. Start with these common definitions below and you’re on your way to obtaining the Tax ID (EIN) Number for your Estate of Deceased.
What Is an Estate of Deceased?
An Estate of Deceased consists of all the property and assets a person owns or controls. Estate property may be in the deceased person’s name, held in a partnership or through a trust. This includes a wide array of items such as real estate, life insurance, bank accounts, retirement accounts and all other monies generated upon the person’s death. Excluded from an estate is any money transferred to an irrevocable trust throughout the course of one’s life, as anything deposited in an irrevocable trust cannot be taken back.
What is an Executor vs. Administrator?
Upon a person’s death, a dedicated Executor or Administrator (usually a family member) will have to handle the distribution of the deceased’s property. If he or she left a will, they must name an “Executor” to distribute assets fairly. If there was no will at the time of death (or no Executor named in the will), an “Administrator” will be appointed by the probate court to handle these disbursements.
How to get a Tax ID Number for an Estate of Deceased:
1. Prepare Your Information – Have your personal and estate information ready prior to starting the secure Tax ID (EIN) application. For an Estate Tax ID, you will be asked for your social security number (SSN) as well as the SSN of the deceased. Know the date that the Estate was created and it’s closing month of the accounting year.
2. Name the Estate Executor or Administrator – Only the Executor or Administrator of the estate account may apply for an Estate Tax ID as it requires personal information of the named responsible party - such as full name, address, etc. This is either the Executor named in the will of the deceased or an Administrator appointed by a probate court.
3. Apply for Estate Tax ID Online – You can obtain your Estate Tax ID or Federal Employer Identification Number (EIN) today by using the Online Estate EIN Application. The online application process has an average processing time of 30 minutes and is open 7:00am to 10:00pm PST. Please note, the IRS no longer provides phone support for Tax ID (EIN) applicants; if you are trying to get an EIN for your estate account after hours, there are alternative EIN obtainment services available 24/7.
4. Apply for Estate Tax ID by Mail – The IRS additionally offers a Tax ID obtainment service for Estates via traditional mail. This option typically takes 4-5 weeks, depending on IRS workload. If your application is denied due to error, you will receive a denial message. Note that denials often provide no instruction about how to fix the problem and you may have to start the Estate EIN application process over.
5. Apply for Estate Tax ID by Fax – Tax ID Number applications are accepted by fax at the IRS and typically takes up to 4 days to process faxed applications. Use caution as this method is not 100% foolproof. There is no confirmation that your fax was delivered or that anyone received it on their end.
6. Receive your Estate Tax ID (EIN) Documents – After completing the secure online Estate EIN (Tax ID) Number application, you should receive an email containing the Tax ID Number for your Estate – ready for immediate use. Additionally, be on the lookout for a traditional mail envelope containing your official Tax ID documents from the Internal Revenue Service.
To obtain your Estate Tax ID immediately, get started now!