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A Giftrust is different than a regular mutual fund account in that it is also a trust account. To open a Giftrust account, a Grantor purchases shares in the American Century® All Cap Growth Fund. Those shares remain in the trust until the maturity date set by the grantor (or at least 18 years from account opening). If you are a Giftrust investor, the shares in your Giftrust become available to you once the Giftrust reaches its maturity date.
Common Giftrust Terminology
Giftrust Tax Responsibilities
Before your Giftrust matures, you do not have to file any of the tax returns for your Giftrust. This is taken care of by the Giftrust trustee. After your Giftrust matures, you will be personally responsible for the necessary tax reporting and payment of taxes due on distributions or capital gains.
Register Your Giftrust Online
Stay connected to your Giftrust by registering your account online. To get started, you'll need your Giftrust Tax Identification (Tax ID) number (nine-digit number starting with 43), which can be found on your initial investment confirmation.
If you cannot locate this number, please contact us. Follow the instructions
and be sure to enter your Giftrust Tax ID where it asks for Employer Identification number.
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
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). The document is updated each year; be sure to download the most recent version-posted here by January 31, the year after your Giftrust matures.
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.