Course ID: PF41

Preparing Form 1041: Getting It Right

Properly filing income tax returns for trusts and estates involves a complete understanding of Form 1041 and the underlying law that governs the reporting of the trust or estate’s activities. This program is meant to introduce accountants who are comfortable with income taxation of individuals to the issues that arise when performing tax compliance engagements for trusts and estates. The course book, following Form 1041 and related schedules, will present a practical guide to dealing with engagements to prepare trust and estate income tax returns, as well as serve as the core knowledge for CPAs looking to then move on to planning in the trust and estate income tax arena.


LEARNING OBJECTIVES
  • Understand the importance of the governing documents in preparing the tax return
  • Know the classifications the tax law assigns to various types of trust, and how to recognize the proper type for Form 1041
  • Compute distributable net income (DNI) and know why it matters
  • Understand how the net investment income tax affects trusts and estates and how to report it
  • Determine the amounts to report on beneficiaries’ K1s

MAJOR TOPICS
  • Preparing Form 1041 Page 1 to report income and deductions
  • Computing the income distribution deduction on Schedule B
  • Computing the allowable charitable contribution deduction on Schedule A
  • Computing the fiduciary income tax on Schedule G
  • Computing the trust/estate’s net investment income tax on Form 8960
  • Preparing K1s
  • Other trust issues

DESIGNED FOR
Accountants who prepare Form 1041. May also be suitable for accountants in public practice or income tax function of trust companies.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

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