The Final 1040 and Form 1041 Self-Study

Summary

Be prepared to assist your clients in their time of loss by helping them file their loved one’s final tax returns. This course details the steps to file the taxpayer’s final Form 1040, U.S. Individual Income Tax Return, in the year of their death and Form 1041, U.S. Income Tax Return for Estates and Trusts, in the years following their death. The course addresses allocating income between the final Form 1040 and Form 1041, properly calculating and reporting income in respect of a decedent (IRD) and distributable net income (DNI), and preparing the final Form 1040, the estate Form 1041 and the beneficiaries’ Schedule K-1 (Form 1041), for a Beneficiary Filing Form 1040 or 1040-SR.

Objectives

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

• Identify the filing requirements for a final Form 1040
• Identify the income filing requirements for an estate
• Differentiate income and expenses between the final Form 1040 and Form 1041
• Compute the final Form 1040
• Compute Form 1041
• Compute Schedule K-1 (Form 1041)

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.