Estates Part 1 — The Decedent’s Final Form 1040 and Setting Up an Estate On-Demand Webinar

Summary

When taxpayers pass away, their executor will need to file their final Form 1040, Individual Income Tax Return, and an estate will need to be set up. This course is broken down into two segments, (1) filing the decedent’s final Form 1040 and setting up their estate, and (2) filing the estate’s Form 1041, U.S. Income Tax Return for Estates and Trusts, making distributions to the beneficiaries and closing the estate. We’ll discuss differentiating between income before death and income after death or income in respect of a decedent (IRD), allocating income between the decedent’s final Form 1040 and the estate’s Form 1041, filing Form 56, Notice Concerning Fiduciary Relationship, for the executor, selecting an estate tax year and reviewing the treatment of the decedent’s medical expenses, health savings account (HSA), and any credits or tax benefit carryforwards.

Objectives

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

• Identify when an estate needs to be set up
• Select an estate tax year
• Prepare Form 56
• Distinguish between income and expenses reported on the final Form 1040 or the estate Form 1041
• Summarize the treatment of the decedent’s medical expenses, HSA and credit carryforwards
• Prepare a decedent’s final Form 1040

Course Details

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.