Do You Need an EIN for a Miller Trust in Colorado?
Colorado's official Income Trust form states (Section 7.13) that the trust is a grantor trust for tax purposes and that the member's Social Security number is used as the trust's tax identification number — so no separate EIN is obtained. Unlike New Jersey and Indiana, Colorado does not publish a separate 'memo to banks,' so the form's own Section 7.13 is the documentation to show a branch that asks for an EIN: hand the teller the HCPF Income Trust form (with instructions) and point to Section 7.13. The account is an ordinary dedicated checking or savings account titled in the name of the trust. That is the rule for a Colorado Qualified Income Trust. The question comes up most often at the bank, where staff may ask for an EIN out of habit. Below is what applies in Colorado and what to do if a branch's requirement differs from what HCPF publishes. This guide is informational only and is not legal or tax advice; for your specific situation, consult a qualified professional.
Why the bank may still ask for one
Even though HCPF does not require it, branch staff often ask for an EIN out of habit, because most trusts they open need a separate tax ID. If that happens, keep to how the account is titled under HCPF's guidance, and ask for the bank's trust department if the first person can't help.
Either way, the account is an ordinary bank account
Whether or not an EIN is involved, a Colorado Miller Trust account is a plain dedicated checking account titled to the trust — not a special product. What trips families up is rarely the tax ID; it is the branch's unfamiliarity with the account type. Knowing the answer before you go keeps the EIN question from turning into a wasted trip.
The EIN question almost always surfaces at the counter. See what to say at the bank in Colorado for the other refusals families hit, and the full step-by-step setup.
Common questions
- Do you need an EIN to open a Colorado Miller Trust account?
- Colorado's official Income Trust form states (Section 7.13) that the trust is a grantor trust for tax purposes and that the member's Social Security number is used as the trust's tax identification number — so no separate EIN is obtained. Unlike New Jersey and Indiana, Colorado does not publish a separate 'memo to banks,' so the form's own Section 7.13 is the documentation to show a branch that asks for an EIN: hand the teller the HCPF Income Trust form (with instructions) and point to Section 7.13. The account is an ordinary dedicated checking or savings account titled in the name of the trust.