The Final 1040 & Estate Returns Workshop CPE Details


They say only two things are certain—death and taxes. Be prepared to assist taxpayers with tax filing before and after death. This course explains the basic rules for preparing a decedent's final personal income tax return, the income tax rules governing a decedent's estate and the federal estate tax return. Examples illustrating these rules by preparing Form 1040, 1041, and 709 are presented throughout the workshop.


Upon completion of this course, you will be able to:

  • Allocate the correct amount of income, deductions, and credits on a final Form 1040.
  • Utilize a decedent's net operating loss (NOL), capital loss carryovers, passive losses, and other tax attributes on the final Form 1040 to minimize tax.
  • Identify forms needed to finish a decedent's final return.
  • Calculate distributable net income, fiduciary accounting income, and the income distribution deduction in compliance with both tax law and governing document.
  • Calculate income in respect of a decedent in compliance with both tax law and governing document.
  • Identify required documents and forms for completing Form 1041 for an estate.
  • Identify what is required to treat a revocable trust as part of an estate.
  • Determine if the estate should make an election to treat a revocable trust as part of the estate in order to minimize tax.
  • Accurately report estate interest, dividend, capital gain, and miscellaneous income so the beneficiaries can accurately prepare their individual tax returns.
  • Identify the most appropriate form (Form 706 vs. Form 1041) for reporting a decedent's deductible expenses in order to minimize the decedent's overall tax burden.
  • Accurately complete Form 706 to use the portability exclusion.
  • Distinguish differences in estate tax rules between a resident and nonresident estate.

CPE Sponsor Information

Course Year: 2015
Course Level: Intermediate
Prerequisite: Basic knowledge of individual income tax
Advance Preparation: Download Forms 1041 and 706 from the IRS website and have the forms available to reference.
Delivery Method: Group-Live

CPE CreditsDesignationField of Study
IRS16AFSPFederal Tax Law Topic
IRS16EAFederal Tax Law Topic
CTEC16CRTPFederal Tax Law Topic
CFP Board16CFP®N/A

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