1041 Preparation: Primer on Subchapter J (Completed)

Date: Monday, September 18, 2017
Instructor: Arthur Joseph Werner
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

You'll learn about the issues relating to the complexities of income taxation of estates and trusts, specifically Subchapter J. Features case studies. This course is the second of three parts of the 1041 Series covering issues involved in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).

Who Should Attend
CPAs, EAs, and attorneys who need to understand Form 1041.

Topics Covered

  • General Rule- Taxation of Income
  • General Rule- Character of Income
  • 1041 Income Tax Rate Schedule
  • "Obamacare" Taxes
  • Visualization-Case Study
  • Deductions
  • Exemptions
  • Fiduciary Accounting
  • Distribution Deduction
  • Reviewing the Form 1041
  • The "Information" Portion
  • Part A- Type of Entity
  • Parts B-E
  • Part F- Check Applicable Boxes
  • Part G- The "645 Election"
  • The "Nine Questions"

Learning Objectives

  • Recognize how to prepare the U.S. Income Tax Return for Estates and Trusts (Form 1041)
  • Identify Subchapter J of the Internal Revenue Code
  • Identify how to properly set up trust beneficiaries and distributions
  • Implement proper trust income tax brackets when filing Form 1041
  • Differentiate and apply proper scenarios when making a §645 election
  • Recognize miscellaneous deductions and which would apply to Form 1041
  • Implement proper exemptions for a complex trust
  • Identify how to properly file Form 1041 for a trust under Chapter 7 estate bankruptcy
  • Recognize the unique differences between Form 1041 and Form 1040
  • Recognize multiple beneficiary distributions and the proper number of K-1s to attach
  • Identify how to avoid taxation on trusts
  • Recognize trust tax payments under the Patient Protection and Affordable Care Act
  • Implement actions to avoid probate when setting up an estate


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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