Fiduciary Tax Workshop

Description

This course will enable participants to understand the principles of subchapter J and their relation to the Fiduciary Income Tax Return (Form 1041).  Upon completion, participants will be able to prepare a Form 1041, understand Schedule B, and feel confident that the return has been prepared  correctly. 

Objectives

• Describe filing requirements, estimated tax payments, adoption of taxable years, and extension requests for Form 1041
• Evaluate the §663(b) election and which expenses are subject to 2% AGI
• Calculate taxable income and tax liability for a simple trust, a complex trust, and an estate, including fiduciary accounting income and DNI
• Apply the 3.8% Medicare tax on net investment income to an estate or trust
• Describe the difference between Tier 1 and Tier 2 beneficiaries
• Determine the tax effect of distributions of property, including the §643(e)(3) election
• Recognize common items that are income in respect of a decedent
• Describe the basic requirements for a distribution of cash or property to qualify as a gift or bequest
• Calculate and allocate the deduction under §199A for qualified business income between the estate/trust and the heirs/beneficiaries
• Prepare a Form 1041 for a simple trust, a complex trust, and a decedent’s estate.