Introduction to Estates and Form 1041 Self-Study
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.
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.
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.