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Level 1
posted Apr 5, 2021 1:42:18 PM

Withdrawals from GST

My father set up a Generation Skipping Trust, which is a broker account, and has a Trust (EIN) number.  I take a small amount out of this trust to establish / fund a 529 Education Fund for my grandchildren each year, which I am allowed to do.  I do not get a K-1 from the broker, and do not know how to report this in TurboTax.  I have reported this as "Other Income" in the past, but it does not track back to the Trust, so I get letters from the IRS.  How do I report this correctly?

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1 Replies
Level 12
Apr 5, 2021 2:53:04 PM

If the account is titled in a trust, the broker is not going to send you a K-1....it's the responsibility of the trustee to make sure a 1041 gets filed if necessary and K-1s are sent to the beneficiaries. You might want to see a tax pro about this because there's probably tax due on the income and even GSTT tax.