Good morning. I am a beneficiary of dividends from a trust fund set up by my mother. In the past, I've always received a Schedule K-1 from my father's accounting firm (he is the trustee, and my father, my brother and I are all beneficiaries). Yesterday, I find out that he has changed accounting firms this year, and plans to report his third of the dividend income under 1099-Div by just dividing the total amount listed on the Investment firm's Consolidated Management Page sent in Dec 24. I'm pretty sure the IRS wants this income processed through a pass-through entity (his accounting firm) to generate the appropriate Schedule K-1's for each of us. Unfortunately, I don't believe I have any control since I'm not the trustee. What are my options to resolve this? Is it better to file an extension, or to submit a inaccurate tax form knowing the IRS will audit and request an explanation?
