Form 1041 Basics
Author: Klaralee R. Charlton
| 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. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.
Publication Date: August 2023
Designed For
Attorneys, CPAs, and Enrolled Agents
Topics Covered
- What is Form 1041
- Filing Requirements
- Choice of Filing Period
- Common Types of Income
- Unique Trust and Estate Deductions
- I.R.C. § 645 & 663(b) Elections
- I.R.C. § 1014 Basis Adjustment Reporting
- Allocation of Income Between Entity and Beneficiaries
Learning Objectives
- Identify how to advise clients on the available options for filing Form 1041 for a trust or estate to achieve tax saving goals
- Recognize how to analyze income and deductions and allocate each to the appropriate taxpayer and tax period
- Recognize how to evaluate the impact of making elections and explain the benefits of these elections
- Identify the importance of properly allocating income between the entity and the beneficiaries
- Identify the due date for filing Form 1041 for a calendar year trust
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
