Introduction to Estates and Form 1041 Self-Study

Summary

When a taxpayer passes away, their assets become part of their estate. Those assets can generate income, which may require the taxpayer (decedent) to file Form 1041, U.S. Income Tax Return for Estates and Trusts (fiduciary income tax return). This course explains the basic rules governing the administration of a decedent’s estate and 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.

Objectives

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

• Outline the filing requirements for a decedent’s estate
• Identify income and expenses reported on an estate Form 1041
• Calculate the income and expenses of an estate
• Identify requirements to treat a revocable trust as part of an estate
• Report estate income, credits and deductions to beneficiaries
• Prepare 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.