Filing the Fiduciary Form 1041: Estate and Trust Income Tax Issues
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10:00 am - 11:00 am Pacific Time Zone
11:00 am - 12:00 pm Mountain Time Zone
12:00 pm - 1:00 pm Central Time Zone
1:00 pm - 2:00 pm Eastern Time Zone
IRS CPE : Tax Law Topics
CTEC CPE : Tax Law Topics 2
NASBA CPE : Taxes 2
This course provides tax professionals with the special rules provided under Subchapter J for preparing the Form 1041 fiduciary income tax return. The session discusses the entity's own reporting requirements as well as the pass-through of income, deductions and credits from the entity to the beneficiaries. This course will discuss the unique items of the Income Distribution Deduction and Distributable Net Income (DNI) that are critical for understanding the transactions which impose a tax on the entity vs. a tax on a beneficiary.
Upon the completion of this session, the participants will be able to better:
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Describe the reporting requirements of income, deductions and credits related to transactions at the entity level vs. the individual beneficiary level.
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Answer the questions of when, why and who pays the tax.
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Discussion of the "pass through" entity requirements along with the proper reporting on Schedule K-1 of Form 1041
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Differentiate between the "controlling documents" (Trust/Will) which tell the story of who the participants are and how the income deductions, and credits are reported for the taxpayers involved.
