Form 1041 Basics (Completed)

Date: Tuesday, September 21, 2021
Instructor: Klaralee R. Charlton
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Estate Planning for CFP

Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.

Who Should Attend
Attorneys, CPAs, and Enrolled Agents

Topics Covered

  • Choice of Filing Period
  • Common Types of Income
  • Unique Trust and Estate Deductions
  • I.R.C. § 645 & 663(b) Elections
  • I.R.C. § 1014 Basis Adjustment Reporting
  • Allocation of Income Between Entity and Beneficiaries

Learning Objectives

  • Identify how to advise clients on the available options for filing Form 1041 for a trust or estate to achieve tax saving goals
  • Recognize how to analyze income and deductions and allocate each to the appropriate taxpayer and tax period
  • Evaluate the impact of making elections and explain the benefits of these elections
  • Identify the importance of properly allocating income between the entity and the beneficiaries


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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