Filing the Fiduciary Form 1041: Estate and Trust Income Tax Issues


August 15, 2023


Steven G. Siegel

  01:00 PM ET | 12:00 PM CT | 10:00 AM PT | 240 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


There’s a natural reluctance on the part of tax preparers to learn about estates and trusts-this subject seems so esoteric. But consider: if you prepare enough 1040’s, it’s a fact of life that some of your clients will die each year. If their financial situation is sophisticated enough to need you as the tax preparer, they will have an estate or trust. The family will be counting on you to help them through this traumatic time. Don’t wait until this happens for you to learn fiduciary taxation. Now is the time to prepare. This situation can be a problem or an opportunity. Make it an opportunity to add this service to your practice. 

This webinar addresses the fiduciary income tax return, Form 1041. You will learn basic estate and trust terminology, the probate process, income in respect of a decedent, and the income distribution deduction. We walk through the preparation of Schedule B of the 1041. And trusts…do we cover trusts! Whether its complex or simple, inter Vivos or testamentary, revocable vs. irrevocable, you will no longer suffer from the angst that often strikes when working with trusts. We drill down deep to demystify the whole trust concept.

All this, as well as special topics such as community property, decedent’s final return, terminations and supplemental needs trusts and more. Now is the time to familiarize yourself with what you will need to know when that phone call comes in from your client in need.

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.
  • You will also understand the differences between the various types of trusts.
  • You will also be able to prepare Form 1041 more confidently.
  • You will be familiar with Schedule B and know the difference in treatment of simple trusts vs. complex trusts in relationship to the income distribution deduction.
  • You will have the tools to use when things go wrong and assist your clients who, although serve as fiduciaries, don’t always know what to do and when to do it.

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