Introduction to Estates and Form 1041 Self-Study
Once a taxpayer passes away, their assets become part of their estate. Those assets can generate income, which may require the taxpayer to file Form 1041, U.S. Income Tax Return for Estates and Trusts. This course explains the basic rules governing the administration of a decedent’s estate. This course also explains how to prepare Form 1041 for a decedent’s estate. 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 document
- 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.