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.
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