Understanding Your Giftrust® Account
In the days before your Giftrust matures, we'll send you notification outlining the steps you need to take. When your Giftrust reaches its maturity date, the account converts from a trust account to an individual mutual fund account in your name. In the meantime, there are a couple of things you can do to prepare.
Prepare for Maturity
- Send in the paperwork (Substitute W-9) - Before maturity, your Giftrust is registered under a trust Tax Identification number. The Substitute W-9 certifies your Social Security number and backup withholding status, which allows us to report taxable activity under your name. We'll send this form to you as your Giftrust maturity date approaches. Without completing this important step, you may subject yourself to unnecessary tax penalties.
- Think about the goal for your money - Your Giftrust can be the foundation for your next step in investing. Sound intimidating? We're here to help. We can assist you in finding the right investments based on your goals for your American Century® All Cap Growth Fund assets.
What to Expect at Your Giftrust's Maturity
In the weeks before your Giftrust matures, we'll send you a letter explaining the steps you need to take. Keep in mind, once your Giftrust matures, you (the beneficiary) will be the only authorized contact for the account. We will no longer be able to provide account details to your parent or Grantor (the person who gave you the account.)
Transaction Summary statement - The summary shows your transaction history throughout the life of your Giftrust. This document is available to you by January 31 the year after your Giftrust matures. To access it, you must use the User Name and Password you created for your account after maturity.
Transaction Summary Flier - Use this flier and the Transaction Summary statement to help calculate your cost basis (how much you paid for the shares).
Form 1099-B - This form reports any redemption or exchange of your individually owned All Cap Growth Fund shares. We will send Form 1099-B by the end of January only if you redeemed shares from your All Cap Growth Fund account after your Giftrust matures.
Schedule K-1 - This form is sent the year after your Giftrust matures. It reports your share of the trust's income or loss, deductions or credits. Schedule K-1 is sent only the year after the account matures.