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Introduction to Trusts and Form 1041


This course gives the tax preparer an introduction to trusts, including how and why various types of trusts are created, the rights and duties of the parties involved and fiduciary income tax filing requirements. It provides information on how to complete a basic income tax return for a trust by analyzing its income, deductions and distributions during its existence and upon termination.


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

  • Identify the filing requirements for trusts.
  • Recognize accounting periods available to trusts.
  • Recognize accounting methods available to trusts.
  • Calculate the appropriate estimated tax payments for a trust.
  • Compute the basis of trust assets.
  • Compute income in respect to a decedent.
  • Distinguish between expenses that are subject to the 2% of AGI limitation and those that are not subject to the limit.
  • Allocate deductions among income types.
  • Predict the effect of distributions made to beneficiaries and how income is allocated.
  • Calculate distributable net income (DNI), fiduciary accounting income (FAI) and the income distribution deduction.
  • Complete a basic Form 1041 and Schedule K-1, Beneficiary’s Share of Income, Deductions, Credits, etc., for a trust.

Course Details

  • Excel worksheet to calculate DNI
  • Illustration of completing a Form 1041 for a trust, with emphasis on calculating DNI
  • This course includes an e-book. CPE is issued after exam is successfully completed.


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