Tax Statement Details

Tax Statement Information

Pleased be advised:
  • PrePlan cannot provide any tax statement information over the phone.
  • If you have moved, please be sure that the funeral home you have made prearrangements with has your current address.
  • Year-end tax statements will be mailed out between January 25 through the 31st of this year and will be available online after January 31st. To access this information please click on the “Consumer” tab above. You will need:
    • The PrePlan account number
    • Last four (4) digits of the Purchaser’s Social Security Number
    • Purchaser’s last name

Once logged in, you may download and print copies of your Tax Statement(s) for the last three years.

If you have any questions, please contact the funeral home you have made your prearrangements with. They will be happy to assist you.

Q&A Grantor Trust Tax Information Statements

Q: The consumer lost their tax statement. Can I have another copy mailed to them?
A: Yes. The funeral home may call or e-mail a PrePlan administrator and we will mail out a second copy. The Funeral Home or consumer may also log-in above to download the tax statement. Click here for step-by-step instructions.

Q: What are the fiduciary and advisory fees listed on the preneed agreement for?
A:
As with any trust in New York State, Preplan is permitted by law to expend up to three quarters of one percent of the balance in the fund to provide the necessary services to operate and staff the trust. This is one of the lowest fees in the nation. In addition, a minimal advisory fee is also paid for the expert investment advice given to Preplan for the direct benefit of its customers. These terms are fully disclosed in the preneed customer agreement provided to all consumers.

Tax Reporting Glossary

Beneficiary: The individual for whom funeral arrangements will eventually be performed.
Federal E.I.N: An Employer Identification Number is assigned to each account held in PrePlan and is used for reporting interest to the IRS.
Fiduciary Fees Paid: A minimal fee deducted from the gross interest amount to cover administration costs of the trust. This fee is fully disclosed in the PrePlan customer agreement.
Gross Taxable Interest: The total amount of interest earned on the trust account. This is the amount the consumer must report per the IRS.
Investment Advisory Fees Paid: A fee determined annually to pay for related professional investment advice. This fee is fully disclosed in the PrePlan customer agreement.
Net Interest Earned: The gross taxable interest earned less fiduciary and investment advisory fees paid; sum of all net interest figures on the summary statement.
Summary Statement: A statement generated annually summarizing all cash flow transactions on each account.
Taxpayer Social Security Number: The SS# of the individual responsible for reporting the interest earned on the trust account, as per the original trust agreement. This should always be the purchaser’s SS#.
Trust Tax Statement: The statement generated by PrePlan showing the gross interest income amount reported to the IRS.

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