Filing the Fiduciary Form 1041: Estate and Trust Income Tax Issues
- Course Description
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.
- Learning Objectives
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.
To receive the member price, first log into your member account. Your member discount will then be automatically applied. We can also take your registration by phone.
Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.
Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.
Your certificate will be emailed to you within 10 business days of the completion of the course.
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- Business Entity Series materials and Business Entity Series 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.
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