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Self-StudySELECT STARTING AT $155

Downloadable PDF

Credits: 16

Qualifies For: IRS

$225

Textbook

Credits: 16

Qualifies For: IRS

$240

On-Demand Webcast

Credits: 8

Qualifies For:

$155
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  • This was a great class and I really appreciated having the case studies to apply what had been taught. I plan to have one of my staff take this course later this year. The materials will also be a great reference source.

    - Katherine L

  • Excellent presentation and resource material. Significantly improved my understanding of Trust and Estate taxation

    - Surgent customer

Interested in bringing this course into your firm?

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Fiduciary Income Tax Returns -- Form 1041 Workshop with Filled-in Forms (1041)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    8-16
  • Qualifies for

    IRS CFP CPE

Overview

This course is designed for participants to understand the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms.

Major Topics:

  • Classifying receipts between “Income” and “Corpus” under the Uniform Principle and Income Act
  • Forgetful fiduciaries of Simple Trusts
  • Fluctuating trusts – Simple one year, complex the next
  • Calculation of DNI utilizing three different methods, a “Forms” method (Schedule B), a “Code” method, and a “Shortcut” method, utilizing a worksheet of common income and expenses
  • Dividing income in the year of death
  • Overview of Subchapter J
  • Form preparation issues – Filing requirements and line-by-line explanations of Form 1041
  • Taxable income of estates and trusts and expense allocation issues
  • Specific deductions and miscellaneous itemized deductions
  • Income in respect of a decedent
  • The income distribution deduction calculation
  • Relation of principal and income law to DNI
  • Understanding how to handle capital gains and losses
  • Tax-planning concerns and special issues
  • Allocating tax items to beneficiaries: another K-1
  • Reporting in light of the net investment income tax
  • Comprehensive DNI calculation case study
  • Comprehensive trust case study, with filled-in forms
  • Overview of estate case study, with filled-in forms

Learning Objectives

  • Be aware of fiduciary accounting principles
  • Calculate Distributable Net Income and the income distribution deduction
  • Prepare Form 1041 and Schedule K-1

Who should take this course:

Designed for:

CPAs whose practice includes the preparation of fiduciary income tax returns

Prerequisite:

Experience with the preparation of income tax returns

Advanced Preparation:

None

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