​​​​​​​​​​​​​​​​

 

 

Introduction to Trusts and Form 1041 Self-Study

Summary

In this course, tax professionals will gain an understanding of trusts, including how and why different types of trusts are created, the rights and duties of the parties involved, and the fiduciary’s income tax filing requirements. It also provides information regarding how to complete a basic income tax return for a trust by analyzing its income, deductions and distributions during its existence and upon termination.

Objectives

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

  • Identify grantor trusts
  • Differentiate simple trusts from complex trusts
  • Determine the filing requirements for different types of trusts
  • Identify trust income and deductions
  • Summarize the tax effects of distributions to beneficiaries
  • Calculate distributable net income (DNI), fiduciary accounting income (FAI) and the income distribution deduction (IDD
  • Prepare a basic Form 1041, U.S. Income Tax Return for Estates and Trusts, and Schedule K-1 (Form 1041), Beneficiary’s Share of Income, Deductions, Credits, etc.
  • Explain the tax consequences when a trust terminates

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.






   

Presented by:

How to Earn CPE

To receive credit for this self-study course, you must successfully pass the course exam with a score of 70% or better.

Self-study courses and exams generally expire one year from the date of purchase. The AFTR course expires on December 31 of each year as required by the IRS.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

eweb keepalive image