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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2280
Experience:  Certified Public Accountant
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Retiree here. I opened an Irrevocable trust Family trust

Customer Question

Hi, Retiree here. I opened an Irrevocable trust Family trust account. I put it into a bank and earn no interest. If change institutions and earn some interest will I pay taxes on it?
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: What all do you want to know?
JA: Is there anything else the accountant should be aware of?
Customer: No just a basic Family trust
Submitted: 10 months ago.
Category: Tax
Expert:  Mark Taylor replied 10 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 10 months ago.

An irrevocable trust would be a separate entity. The interest earned on the bank account would need to be reported under the irrevocable trust.