Trusts Part 3: Deductible Expenses and Reporting Distributions On-Demand Webinar
This webinar focuses on trusts required to file Form 1041. Through examples, this webinar discusses Form 1041 deductions in detail for Lines 10 through 21. After gaining an understanding of the difference between fiduciary accounting income and distributable net income, you will be able to determine who ultimately reports the income of a trust. The webinar also illustrates how to complete Form 1041, Schedule A, Charitable Deduction, and Schedule B, Income Distribution Deduction.
Upon completion of this course, you will be able to:
- Identify what expenses can be deducted on Form 1041 for a trust
- Determine whether itemized deductions are deductible or suspended for tax years 2018-2025
- Determine the charitable deduction allowed for a trust
- Differentiate between distributable net income (DNI), fiduciary accounting income (FAI) and income distribution deduction (IDD)
- Calculate DNI, FAI and IDD for a trust
This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.
Jaye Tritz, EA, CFP®