Introduction to Form 1041- Trusts & Estates

This course offers a practical understanding of trusts and estates reported on Form 1041 and the basics of grantor trusts, revocable trusts, irrevocable trusts, A/B trusts and more. Learn when a trust tax return is required, and to read the tax implications of common trust documents, also allocating income and expenses between the deceased and the trust or estate, reporting income and expenses to the beneficiaries of the trust, and which expenses are deductible by the trust or estate. Review strategies related to distributing income and assets and dealing with difficult beneficiaries and other trust troubleshooting.

Learning objectives:

1) Understand when a trust tax return is required including the tax implications of common trust document

2) Learn steps to allocate income and expenses between the deceased, the trust, and beneficiaries if applicable.

3) Understand other trust issues such as allocating income and expenses between the deceased and trust, which expenses are tax deductible, DNI, and allocating depreciation to beneficiaries.

4) Develop strategies for the distributions of assets, dealing with difficult beneficiaries, & common elections.

NASBA CE: 0.0 Hours Federal Tax Law
IRS:  0.0 Hours Federal Tax Law
CTEC CE: 0.0 Hours Federal Tax Law
ACAT CE: 0.0 Hours Federal Tax Law

NSA Webinar Program Level: Basic
Prerequisites: None   
Advance Preparation: None   
Delivery Method: Group-Internet Based

No refunds or exchanges for cancellations. For more information regarding refund, complaint and/or program cancellation policies, please contact NSA toll-free at 800-966-6679.

NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.