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Preparing An Accurate Form 1041

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 1041's 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 tax preparers (as well as others who either advise tax preparers or review tax returns prepared by others) how to accurately prepare Form 1041's for Estates and Trusts. The material also explains the often misunderstood concepts of Income in Respect of Decedent (IRD) and Distributable Net Income (DNI). It also explains the various deductions available to the taxpayer. Most importantly, it will point out the common mistakes made by tax preparers in preparing 1041's and how to avoid them.

Runtime: 102 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Form 1041 for an Estate

  • Calendar or Fiscal Year
  • Special Elections
  • Income in Respect of Decedent (IRD)
  • Administration Deductions
  • Other Deductions
  • Distributable Net Income (DNI)
  • Beneficiary K-1's
  • Special Rules for Final Year of Estate

Form 1041 for Trust

  • Taxation of Different Types of Trusts - Grantor, Simple, or Complex
  • Items of Income
  • Deductions
  • Special Rules for Foreign Trusts and Beneficiaries
  • Final Year of Trust

Common Mistakes to Avoid

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 25, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jo Ann Gambale, Esq.

Jo Ann Gambale, Esq.

Greenbaum, Rowe, Smith & Davis LLP

  • Counsel at Greenbaum, Rowe, Smith & Davis, LLP
  • Practice emphasizes all aspects of taxation, estate planning, and estate administration
  • Conducts seminars and workshops on estate planning, taxation, and formation of partnerships and LLC’s
  • Past Executive Committee Member of the California State Bar Taxation Section; Past co-chair of the San Diego County Bar Association Tax Section
  • LL.M. degree in taxation, University of San Diego; J.D. degree, Georgetown University Law Center
  • Can be contacted at 732-476-2488 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404970
Published 2019
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