Preparing a Client's Final 1040 Self-Study

Summary

When one of your clients dies, being able to help their loved ones wrap up the deceased’s affairs by preparing and filing their final return allows you to provide an invaluable service to the client’s grieving family. This course addresses issues that are commonly faced by tax preparers filing a final return, such as the rules that apply to the reporting of income the taxpayer earned prior to death and that earned after death. It also explains the basic rules for preparing a decedent’s final personal income tax return. Examples applying these rules to a final Form 1040, Individual Income Tax Return, are presented throughout the text.

Objectives

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

• Identify forms and documents needed to prepare a final Form 1040
• Compute how much interest, dividends, capital gain and miscellaneous income earned through the date of death is reported on the final Form 1040
• Summarize the impact of death on the decedent’s net operating loss (NOL), capital loss carryovers, passive losses and other tax attributes
• Prepare a decedent’s final Form 1040

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.