Course Details

Form 1041: Estate and Trust Tax Reporting

Webinar: ID# 1013379
Recorded CD
About This Course:
This webinar will improve return preparers' familiarity with preparing Form 1041, such as calculating distributable net income, allocating income between the trust and beneficiaries, and understanding reporting rules for revocable and irrevocable trusts.

Course Description

With increased use of trusts for wealth transfer and the heightened risk of an IRS estate return audit, tax return preparers must be thoroughly familiar with completing Form 1041. The Supreme Court's rejection of DOMA creates new estate tax planning options for same sex couples that can be included on 2013 returns.

Other complex tax questions to consider and resolve include allocating income between the trust and beneficiaries, calculating distributable net income, computing the income distribution deduction, understanding reporting rules for different trusts rules and limitations for deductions, selecting a year end, and avoiding common pitfalls.

Listen as our experienced panel reviews the rules and offers guidance for tax return preparers for completing Form 1041, including important issues such as calculation of distributable net income and allocation of income between trust and beneficiaries.


  • Preparing Form 1041
  • Taxable income
  • Calculating distributable net income
  • Allocating income between trust and beneficiaries
  • Deductions
  • Selecting a year end
  • Reporting rules


The panel will review these and other key questions:

  • What complexities should tax preparers be cognizant of when allocating income between a trust and beneficiaries?
  • What issues should be considered when calculating distributable net income?
  • What common mistakes should tax preparers avoid when preparing Form 1041?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will have a deeper understanding of the rules affecting the completion of Form 1041, estate and gift tax returns.


Robert E. Barnhill, III, Atty, CPA/PFS, CFP
Robert E. Barnhill, Atty at Law, Lubbock, Texas
Mr. Barnhill's practice focuses on wealth accumulation and compensation planning. He presents and authors on Form 1041 and other subjects, including comprehensive estate plans, family limited partnerships, and irrevocable life insurance trusts. He consults, prepares and implements a variety of wealth accumulation and transfer plans.

Form 1041: Estate and Trust Tax Reporting
or via CD
Course Details
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