Fiduciary Income Tax Returns: Form 1041 Workshop with Filled-in Forms

Code: 10412

Date Friday, December 8, 2017
Time 8:30am - 4:30pm
Central Time
Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
CPE credits CPE 8.0
Instructor Robert Gilwee, CPA
Standard member fee $325.00
checkmarkStandard nonmember fee $375.00

Our records indicate you are a Non Member. If you register, you will be charged $375.00 (Standard Non Member). To receive the member fee, you must Login .


Sharpen your understanding of trust and estate income tax return preparation concepts. Gain a thorough overview of the complex income tax rules of estates, trusts and fiduciary accounting, and take a practical look at how to prepare Form 1041 and Schedule K-1. Get hands-on practice with complicated trust and estate preparation cases and come away with a comprehensive manual -- complete with case studies and filled-in forms -- that you can refer to all year.

Who should take this program?

CPAs, tax advisers and financial advisers who prepare fiduciary income tax returns

Major subjects

  • How to classify receipts between "income" and "corpus" under the Uniform Principle and Income Act
  • Forgetful fiduciaries of simple trusts
  • Fluctuating trusts -- simple one year, complex the next
  • How to calculate distributable net income (DNI) using a forms method (Schedule B), code method and shortcut method (using a worksheet)
  • How to divide income in the year of death
  • Overview of Subchapter J
  • Form 1041 preparation issues, filing requirements and line-by-line steps
  • Taxable income of estates and trusts, and expense allocation issues
  • Specific deductions and miscellaneous itemized deductions
  • Income in respect of a decedent
  • How to calculate the income distribution deduction
  • How the principal and income law relates to DNI
  • How to handle capital gains and losses
  • Tax planning concerns and special issues
  • How to allocate tax items to beneficiaries -- another K-1
  • Reporting in light of the net investment income tax
  • Comprehensive DNI calculation case study
  • Trust and estate case studies with completed forms


Course code Code 10412
Sponsor MNCPA
Level Intermediate
of study
Format Group Live
Prerequisites Prereq. Experience with the preparation of income tax returns recommended.