Filing the Fiduciary Form 1041: Estate and Trust Income Tax Issues
RegisterPaul La Monaca CPA, MST
Session Begins: 1:00 PM ET/12:00 PM CT/11:00 AM MT/10:00 AM PT
Session Concludes: 3:00 PM ET/2:00 PM CT/1:00 PM MT/12:00 PM PT
This course provides tax professionals with the special rules provided under Subchapter J of the Internal Revenue Code 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. The course stresses the importance of understanding the difference between a “Simple Trust” vs. a “Complex Trust”.
Upon the completion of this session, the participants will be able to better:
- Describe the reporting requirements of income, deductions and credits related to transactions at the entity level vs. the individual beneficiary level.
- Answer the questions of when, why and who pays the tax.
- Discussion of the "pass through" entity requirements along with the proper reporting on Schedule K-1 of Form 1041
- 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.
Administration: Streaming
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- Streaming materials and Streaming presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
- Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
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