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Form 1041 – Estate Income Tax

Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: Self-Study
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $52 for Members and $64 for Nonmembers
 
Summary
The rules surrounding estate income tax are some of the most complicated in the Internal Revenue Code. Tax professionals who take the time to learn how to prepare estate tax returns can offer a valuable service to their clients. This on-demand webinar provides tax professionals with the appropriate knowledge to understand estate income taxes.

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Distinguish between Form 1041, U.S. Income Tax Return for Estates and Trusts, and Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.
  • Determine whether Form 1041 is required to be filed.
  • Compute fiduciary accounting income (FAI), distributable net income (DNI) and income distribution deduction (IDD).
  • Determine what income and expenses are reported on Form 1041.
  • Complete a basic Form 1041.

Presenter: Jaye Tritz, EA, CFP® 

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