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1041 Preparation for Estates and Trusts (F1041)

  • 10/23/2019
  • 8:00 AM - 4:00 PM
  • Bismarck Ramkota (701) 258-7700


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The program examines critical issues in preparing your clients Form 1041 U.S. Income Tax Return for Estates and Trusts. Learn where taxable income is determined differently from individuals; filing requirements and deadlines; reporting alternatives for grantor trusts, the calculation and allocation of DNI; and the impact of the new Section 199A 20% deduction on trusts, estates and beneficiaries.  It will also give you an introduction to Fiduciary (book) Accounting, the allocation of receipts and disbursements between income and principal under the Uniform Principal and Income Act to help determine the required annual distributions to beneficiaries and how it impacts the calculation of the income distribution deduction for complex trusts on the 1041.

Learning Objectives:
• Provide a working knowledge of tax rules and guidelines of estates and trusts.
Discuss planning and potential pitfalls.

Topics Discussed:
• Introduction:  Semi-Conduit treatment; 2018 rates and brackets, including 3.8% NIIT; Filing requirements; Section 645 Election; Simple vs Complex Trusts; and estimated Taxes and the Section 643(g) Election.
• Grantor Trusts: Four Options to report activity
• Fiduciary Accounting:
• Introduction to Fiduciary Accounting
• Impact on Required Distributions and the Income Distribution Deduction
• Distinction between “Income” and “Principal”
• Uniform Principal and Income Act:
o Trustee’s discretionary power to adjust
o Fallback allocation rules
o Depreciation is optional!
• Taxable Income:
Gross Income
•  Deductions
o Depreciation (But no Section 179!)
o    Charitable Contributions
o    Notice 2018-61
• Treatment of miscellaneous itemized deductions|
  Treatment of administrative expenses
• §199A Pass-Through Income
• § 461(l) limitation on losses
• Distributions, including: Calculating DNI; Simple vs Complex Trusts; Allocation of DNI
• Special Trusts: QSST and ESBT

Designed For: Experienced CPAs who work with trusts and estates.
Level: Intermediate
Instructor: Douglas Van Der Aa
Developer: Van Der Aa Tax Ed, LLC
Area of Study: 8 Tax

Visit Us:

3100 South Columbia Road
Suite 500
Grand Forks, ND 58201

Contact Us: 

 (701) 775-7111
or (877) 637-2727

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