K-1s for 1041 Self-Study

Summary

An estate or trust can generate income, and at the end of the year, all income distributions made to beneficiaries must be reported on a Schedule K-1 (1041). Form 1041 is also used to report any income a trust earns over $600. This course examines everything you need to know to properly report the information provided to the beneficiary on a Schedule K-1 on their individual tax return.

Objectives

Upon completion of this course you will be able to:

• Identify the character of pass-through income, deductions, and credits from an estate or trust.
• Describe the various items reported on Schedule K-1.
• Report Schedule K-1 items on the beneficiary’s return.
• Report items on the beneficiary’s return that are associated with estate or trust interest but not reported on Schedule K-1.
 

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.