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

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Live Webinar SELECT STARTING AT $219 (4 dates)

Credits: 8

Qualifies For: IRS CPE CFP

Instructor(s): Dennis Benvie, MS, CPA

$219

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Self-Study SELECT STARTING AT $155 (On Demand)

Downloadable PDF

Credits: 16

Qualifies For: IRS CPE

$225

Textbook

Credits: 16

Qualifies For: IRS CPE

$240

On-Demand Webcast

Credits: 8

Qualifies For: IRS CPE

$155
  • 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?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

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
  • 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
  • Proper W-2 preparation and procedures in the year of death
  • Taxpayer passes before taking a required minimum distribution; what must be done? 
  • Forgetful fiduciaries of Simple Trusts
  • Fluctuating trusts – Simple one year, complex the next
  • 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 
  • Allocating tax items to beneficiaries: another K-1
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation 
  • Comprehensive trust and estate case studies, 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

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

  • 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?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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