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Navigating Form 1041

Webinar: ID# 1003691
Recorded CD
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About This Course:
With more individuals using trusts in estate planning, knowing how to prepare an accurate Form 1041 is becoming more important than ever. Properly computing taxable income and correctly allocating taxable income between the entity and its beneficiaries can avoid not only challenges by the IRS but also disgruntled beneficiaries.

This live webinar will help you understand the main rules on how to properly prepare Form 1041 for probate estates and simple and complex trusts. Learn what is taxable to and deductible by a fiduciary entity. Discover the required allocation rules concerning depreciation and DNI. With the information provided in this webinar, you'll have the tools you need to prepare an accurate Form 1041.

Learning Objectives:

  • You will be able to explain allocation between final 1040 and first 1041.
  • You will be able to identify the two percent rule.
  • You will be able to describe and determine character of DNI.
  • You will be able to review how to prepare Schedule K-1.
Agenda

  1. Overview
    1. Entities Covered - Probate Estates, Simple and Complex Trusts
    2. Applicable Laws
    3. Steps
    4. Selecting a Year End
  2. Computing Adjusted Total Income (Line 17)
    1. Items Included in Gross Income
      1. Allocation Between Final 1040 and First 1041
      2. Capital Gains and Losses
      3. Passive Activities
    2. Items Deductible From Gross Income
      1. Depreciation
      2. Tax-Exempt Income
      3. Two Percent Rule
  3. Computing the Income Distribution Deduction (Line 18)
    1. Computing Distributable Net Income
    2. Determining Character of DNI
    3. Allocating DNI Between Beneficiaries and Entity
  4. Preparing Schedule K-1

Who Should Attend Accountants, attorneys, presidents, vice presidents, controllers, business owners and managers, finance executives, brokers, tax managers, enrolled agents and financial planners

The Presenter

Robert E. Barnhill III, Live Speakers, Inc.

  • Attorney, certified public accountant, personal financial specialist and certified financial planner with Live Speakers, Inc.
  • Practices in the estate and retirement planning areas, and has written several books covering these and related business areas
  • Adjunct professor at Texas Tech University in the personal financial planning department for more than 20 years
  • Conducted training sessions for various professional associations throughout the United States for more than 23 years
  • Maintained a private practice for more than 26 years
  • Holds the Toastmasters International Accredited Speakers designation for platform excellence and has been named by the AICPA as an Outstanding Discussion Leader
  • Former international president for Toastmasters International from 1996 to 1997, former president of the West Texas Chapter of the Financial Planning Association, and a member of the American Bar Association, the AICPA, the State Bar of Texas, Society of Estate and Trust Practitioners, Society of Financial Service Professionals and the National Speakers Association
  • J.D., M.B.A. and B.A. degrees, Texas Tech University
Continuing Education Credit

Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit. Only registered and paid attendees will receive continuing education credit. Certificates of Completion are provided to each registered attendee. Your certificate will be emailed to you within two weeks following completion of the program.

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Navigating Form 1041
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