Guide to 1041 Preparation of Estates & Trusts - 4 Hours

This program examines the critical issues, rules, and special opportunities when preparing your clients' Form 1041 US Income Tax Return for Estates and Trusts. Learn what is considered taxable income; filing requirements and deadlines; impact of the 3.8 percent Medicare surtax on net investment income; and the 10 principles of tax accounting for trust income.

Learning Objectives

Provide a working knowledge of tax rules and guidelines of estates and trusts returns Discuss planning and potential pitfalls

Major Topics

- 2021-22 rates and brackets
- Calculating a trust's AGI
- Filing requirements, deadlines, and penalties
- 3.8 percent Medicare surtax on net investment income (NII)
- Simple vs. complex trusts
- Grantor Trusts—Four options to report activity
- Fiduciary Accounting and the 10 Principles of tax accounting for trust income Section 643 (g) Election
- Taxable income of trusts, estate, and beneficiaries
- Deductions
- Distributions

CPE Credits Available

4 CPE

4: Taxes

Things to Know About This Course

Course Level

Intermediate

Prerequisites

A basic working knowledge of Form 1041 and estates and trusts

Advanced Preparation

None

Intended Audience

Experienced CPAs working with estates and trusts

Provider

ACPEN