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RR Valley, ND; MN native | I have not heard of this either but a quick search finds 2 cases partially quoted here from: https://www.investopedia.com/terms/b/beneficial-interest.asp
1. "A beneficial interest is the right to receive benefits on assets held by another party and is often evident in matters concerning trusts.
Most beneficial interest arrangements are in the form of trust accounts, where an individual, the beneficiary receives income from the trust's holdings but does not own the account."
2. "Another example of beneficial interest is in real estate. A tenant renting a property is enjoying the benefits of having a roof over their head. However, the renter does not own the asset.
Beneficiary interests can also be applied to employer-sponsored retirement plans such as 401(k)s and Roth 401(k)s, as well as in individual retirement accounts (IRA) and Roth IRAs. "
This does sound like something an accountant would need to advise on in my opinion. Maybe after getting familiar with it, you could DIY.
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1099's and Beneficial Interest??
