With more individuals using trusts in estate planning, knowing how to prepare an accurate Form 1041 is becoming more important than ever.
Many preparers of Form 1041s do not understand the differences between the types of trusts for which they are preparing the tax return and the differences in reporting for each various type of trust, or they may not understand the various rules related to reporting for estates. In addition, many are unaware of the different elections that may be available to the taxpayer. This topic will teach you how to prepare Form 1041s for Estates and Trusts accurately. The material also explains the often-misunderstood concepts of Income in Respect of Decedent (IRD) and Distributable Net Income (DNI). This course also explains the various deductions available to the taxpayer. Most importantly, it will point out the common mistakes made by tax preparers in preparing 1041s and how to avoid them.
Learning Objectives
- You will be able to identify filing requirements for Forms 1041 and 1040.
- You will be able to distinguish the characteristics between Forms 1041 and 1040.
- You will be able to identify penalties and interest on Forms 1040 and 1041.
- You will be able to identify filing deadlines.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Form 1041 for an Estate
- Calendar or Fiscal Year
- Special Elections
- Income in Respect of Decedent (IRD)
- Administration Deductions
- Other Deductions
- Distributable Net Income (DNI)
- Beneficiary K-1s
- Special Rules for Final Year of Estate
Form 1041 for Trust
- Taxation of Different Types of Trusts - Grantor, Simple, or Complex
- Items of Income
- Deductions
- Final Year of Trust
Common Mistakes to Avoid
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Credit
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 16, 2025.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.8 including Taxes 1.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jo Ann Gambale, Esq.
Wilentz, Goldman & Spitzer, P.A.
- Chair of the Trusts & Estates Department at Wilentz, Goldman & Spitzer, P.A.
- Practice emphasizes all aspects of taxation, estate planning, and estate administration
- Conducts seminars and workshops on estate planning, taxation, and formation of partnerships and LLCs
- Past Executive Committee Member of the California State Bar Taxation Section; Past co-chair of the San Diego County Bar Association Tax Section
- Selected for inclusion in the ‘Ones to Watch’ 2021 list of Best Lawyers in America in the area of Trusts and Estates
- LL.M. Degree in taxation, University of San Diego; J.D. Degree, Georgetown University Law Center
- Can be contacted at [email protected] or (732)855-6091
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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