Description

With more individuals using trusts in estate planning, knowing how to prepare an accurate Form 1041 is becoming more important than ever.
Many preparers of Form 1041s do not understand the differences between the types of trusts for which they are preparing the tax return and the differences in reporting for each various type of trust, or they may not understand the various rules related to reporting for estates. In addition, many are unaware of the different elections that may be available to the taxpayer. This topic will teach you how to prepare Form 1041s for Estates and Trusts accurately. The material also explains the often misunderstood concepts of Income in Respect of Decedent (IRD) and Distributable Net Income (DNI). This course also explains the various deductions available to the taxpayer. Most importantly, it will point out the common mistakes made by tax preparers in preparing 1041s and how to avoid them.

Date: 2022-09-27 Start Time: 1:00 PM ET End Time: 2:05 PM ET

Learning Objectives

* You will be able to prepare an accurate Form 1041 for estates and trusts.

* You will be able to describe the differences between the various types of trusts grantor, simple, or complex.

* You will be able to discuss distributable net income (DNI) concepts.

* You will be able to identify how to avoid the top common mistakes made in preparing 1041s.