Nuts and Bolts of Form 1041 for Estates and Trusts 

CPE Credits: 2 
Course Level: Basic
Prerequisites: Basic Knowledge of Income Taxation
Advance Preparation: None

Fees: $49 for Members and $60 for Nonmembers

Summary
At some point, your clients are likely to be affected by an estate or trust. This webinar will prepare you for reporting the necessary information as it relates to Form 1041. Determine if an estate has a filing requirement and where to report an estate’s income and deductions. You’ll also be able to advise clients who inherit property and report any income or losses that may flow through to them. If your client establishes a trust, know what questions to ask so you can properly file the trust’s tax return. Trust taxation may represent a huge growth area for your practice.  Don’t miss out on this opportunity!

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

• Distinguish whether income and expenses for a given tax year belong to a trust grantor, a decedent, an estate or a trust.
• Explain the meaning of terminology used with trusts and estates.
• Identify filing requirements and due dates for trusts and estates.
• Calculate the basis of inherited property.
• Elect to treat a trust as part of an estate.
• Compute distributable net income (DNI) and the income distribution deduction (IDD).
• Discuss the impact of terminating an estate or trust.

Presenter: Tom O'Saben, EA, CFP®