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Self-Study Courses

2026 Form 1041: Basic Trust & Estate Income Tax Preparation (Part 1)

4 CPE Credits $28.50/credit hour
★ ★ ★ ★ ★ 5.0 (16 ratings)
This online course is the first in a two-part foundational series designed to give tax and financial professionals a practical, working understanding of federal trust and estate income taxation using Form 1041. Through plain-language explanations and step-by-step examples, participants will explore how income taxation transitions from a decedent to an estate or trust, and how fiduciary reporting fits into the broader federal tax framework.

Attendees will learn when an estate or trust becomes a separate taxable entity, how fiduciary income is calculated and allocated, and which filing requirements and elections can significantly impact tax outcomes. The program also walks through the preparation of a basic Form 1041, highlighting common income items, deductions, and distribution rules, along with frequent errors to avoid.

Whether you are new to fiduciary returns or looking to strengthen your technical foundation, this course equips you with the confidence and clarity needed to properly prepare Form 1041 and advise clients during the critical period following a death. This session serves as essential groundwork for Part 2, where advanced trust and estate income tax issues, planning opportunities, and distribution strategies will be explored in greater depth.

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2029 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Publication Date: January 2026

Designed For
This program is ideal for professionals who want a clear, structured introduction to trust and estate income taxation.

Topics Covered

  • Role of Form 1041 within the federal income tax system for trusts and estates
  • Final Form 1040 filing and transition of taxable income to the estate or trust
  • Revocable vs. irrevocable trusts and grantor vs. non-grantor trust classifications
  • Form 1041 requirements, due dates, extensions, and EIN considerations
  • Taxation fundamentals for estates and trusts
  • Common fiduciary income items and allowable deductions
  • Impact of distributions and the relationship between Form 1041 and Schedule K-1
  • Step-by-step overview of Form 1041 preparation, including common mistakes and best practices

Learning Objectives

  • Identify when an estate or trust becomes a separate taxable entity and determine when Form 1041 filing requirements apply
  • Distinguish between income reportable on the decedent’s final Form 1040, the estate or trust Form 1041, and beneficiary returns
  • Apply key fiduciary elections, including fiscal year selection, the Section 645 election, and the Section 663(b) election
  • Prepare a basic Form 1041 by properly reporting fiduciary income, deductions, and beneficiary allocations
  • Advise clients on post-death administrative and tax compliance considerations related to trusts and estates

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None

Instructor

Klaralee R. Charlton

Klaralee Charlton is a Partner at 3i Law in Denver, Colorado. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. Klaralee also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.

Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She is an active member of the Colorado Bar Association, Tax Section and Adjunct Profession at the University of Denver, Graduate Tax Program.

She earned her J.D. in 2011 from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver in 2013, and her B.A. in political science in 2009 from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
$114.00 / 4 CPE
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