Introduction to Estates and Form 1041 Self-Study

Summary

Once a taxpayer passes away, their assets become part of their estate. This course explains the basic rules governing a decedent’s estate and Form 1041, U.S. Income Tax Return for Estates and Trusts. Learn about the income and expenses, and the accounting concepts surrounding a fiduciary income tax return. The course contains examples throughout that culminate in a full return at the end of the course.

Objectives

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

• Describe required documents and forms for completing Form 1041 for an estate
• Identify income and expenses reported on an estate Form 1041
• Calculate the income and expenses of an estate
• Calculate income in respect of a decedent in compliance with both tax law and governing documents
• Calculate distributable net income, fiduciary accounting income, and the income distribution deduction in compliance with both tax law and governing documents
• Identify requirements to treat a revocable trust as part of an estate
• Evaluate whether an election to treat a revocable trust as part of the estate minimizes tax
• Accurately report estate income, credits and deductions to beneficiaries
• Correctly complete Form 1041, U.S. Income Tax Return for Estates and Trusts.

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.