DESCRIPTION
Learn to prepare U.S. Income Tax Return for Estates and Trusts (Form 1041) including how to answer the "nine questions."
It has been observed that many preparers of Form 1041's 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 tax preparers (as well as others who either advise tax preparers or review tax returns prepared by others) how to accurately prepare Form 1041's for Estates and Trusts.
Session Highlights:
- Reviewing the Form 1041
- The "Information" Portion
- Part A- Type of Entity
- Grantor Trust Issues
- Parts B-E
- Part F- Check Applicable Boxes
- Part G- The "645" Election
- The "Nine Questions"
- The "Body"
- Income Line Items
- Example- 1099 Discrepancy
- Deduction Line Items
- The Income Distribution Deduction
- The Mechanical Calculation of DNI
- Computing the DNI
- Distributable Net Income (DNI)
Who Should Attend?
- CPA’s
- EAs
- Other Tax Preparers
- Tax Attorneys who need to understand Form 1041.