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10 CPE Credits

Surgent's Fiduciary Income Tax Returns – Form 1041 Workshop with Filled-in Forms

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10 CPE Credits

This is a text-based course. To receive credit, you are required to review all content and achieve a minimum score of 70% on the final exam.

This course is designed as a comprehensive guide to 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.

Learning Objectives

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

Major Topics

  • Classifying receipts between “income” and “corpus” under the Uniform Principal 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
  • Other considerations: excess deductions on termination
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
  • Comprehensive trust and estate case studies, with filled-in forms

CPE Credits Available

10 CPE Credits
10
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Enrolled Agent - IRS Credit Eligible
  • Individual Tax
  • Tax

Prerequisites

Experience with the preparation of income tax returns

Advanced Preparation

None

Intended Audience

Accounting and Financial Professionals whose practice includes the preparation of fiduciary income tax returns

Provider

Surgent CPE

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