Federal Income Taxation of Trusts and Estates (Currently Unavailable)

Author: Steven G. Siegel

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits

As more clients are using trusts for estate planning, asset protection and wealth management purposes, and in reaction to planning issues prompted by the pandemic, it is essential that practitioners develop practical knowledge regarding income taxation of trusts and estates. This webinar provides a concise and useful review of key issues and considerations that arise in connection with the income taxation of trusts and estates.

Publication Date: May 2022

Designed For
This course is essential for CPAs, CFPs, enrolled agents, estate planners, tax attorneys, and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Topics Covered

  • Basic Concepts and Issues
  • How estates and trusts are taxed
  • Tax Return Filing Requirements
  • Trusts
  • Estimated Tax Payments
  • Tax Return Filing Requirements
  • Tax Rates
  • Election to Treat a Qualified Revocable Trust as Part of the Decedent's Estate
  • Fundamental Concepts: Trust Accounting Income, Distributable New Income, Taxable Income
  • Income Reportable by Fiduciaries
  • Planning Notes
  • Deductions Available to Fiduciaries
  • Specific Items of Deduction
  • Income Distribution Deduction
  • Distributions; Special Issues and Situations
  • Trusts and Estates and the Alternative Minimum Tax

Learning Objectives

  • Recognize how estate and trust income is taxed
  • Identify how estate and trust income is defined, calculated, and reported
  • Describe key compliance and planning issues as well as concerns related to fiduciary income taxation
  • Identify when the decedent's taxable year ends
  • Recognize which type of trust has an annual exemption of $300
  • Describe trust accounting income
  • Recognize the annual net capital loss deduction limitation against ordinary income
  • Recognize how many months an automatic extension could be filed for Form 1041 (by using Form 7004) for an estate
  • Identify the annual exemption for complex trusts
  • Recognize what would apply if a fiduciary fee may be deducted


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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