2024 Guide to Preparing Form 1041 for Estates and Trusts

Overview

This program examines the critical issues, rules, and special opportunities when preparing your clients' Form 1041 US Income Tax Return for Estates and Trusts. Learn what is considered taxable income; filing requirements and deadlines; impact of the 3.8 percent Medicare surtax on net investment income; and the 10 principles of tax accounting for trust income.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Prerequisites

A basic working knowledge of Form 1041 and estates and trusts

Objectives

• Apply the most recent tax rules and guidelines when preparing client estates and trusts returns
• Identify planning ideas and potential pitfalls

Highlights

• Current rates and brackets
• Calculating a trust's AGI
• Filing requirements, deadlines and penalties
• 3.8% Medicare surtax on net investment income (NII)
• Simple vs. complex trusts
• Grantor Trusts: Four options to report activity
• Section 643 (g) Election
• Taxable income of trusts, estate and beneficiaries