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

Author: Klaralee R. Charlton

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 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

This course is part 1 of a two-part course on Form 1041 and the concepts involved in the federal taxation of trust and estates. Instructor Klaralee Charlton will help you understand the basic concepts involved in how trusts and estates are taxed. She will show you where the tax questions move from that of the decedent into that of the estate and any related trusts. With this course, you'll learn the concepts and steps you'll need to understand to complete Form 1041 and advise clients on the necessary steps to properly report the income of an estate or trust.

Publication Date: February 2024

Designed For
This course is designed for all CPAs, EAs, estate planners and financial planners who advise clients on tax issues related to estates and trusts.

Topics Covered

• What is Form 1041?
• When to Use a Form 1041
• Types of Trusts
• Tax Year Options and Due Dates
• IRC 645 Election
• Types of Income
• Types of Deductions
• Income Distribution Deduction
• Beneficiary Schedule K-1
• IRC 663(b) Election
• Foreign Beneficiaries
• Case Study 1

Learning Objectives

• Recognize what is Form 1041
• Identify when to use Form 1041
• Describe the types of trusts
• Recognize tax year options and due dates
• Identify how to combine the taxable trust and estate
• Describe types of income and deductions
• Recognize income distribution deduction
• Recognize beneficiary of Schedule K-1
• Identify the personal exemption for a trust in 2023
• Identify the form that relates to the application for IRS ITIN

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None