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
Location 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

Members: Please log in to receive member fee.


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

Learning objective(s)

  • Be aware of fiduciary accounting principles
  • Calculate distributable net income and the income distribution deduction
  • Prepare Form 1041 and Schedule K-1


Course code Code 10412
Sponsor MNCPA
NASBA ID#: 139884
Level Intermediate
of study
Taxes (8)
Format Group Live
Prerequisites Prereq. Experience with the preparation of income tax returns recommended.