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22WS-1458: Surgent's Successfully Completing an Income Tax Return for a Trust or Estate: Form 1041 (Webinar)

Date Thursday, February 16, 2023
Time 12:00pm - 2:00pm
Central Time
Location Online
CPE credits CPE 2.0
of study
Taxes - Technical (2.0)
2.0 IRS CE approved
Instructor Robert Keebler, CPA/PFS, MST, AEP (Distinguished)
Keebler & Associates, LLP
Standard Member Fee $99.00
Standard Nonmember Fee $99.00
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Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts during their lifetime. And some will die with probate estates.

Therefore, you should have a basic understanding of how the income tax applies uniquely to trusts and estates. For example, "distributable net income" (DNI) is a trust-only concept that is essential to understand. Plus, the deductions for fiduciary fees, charitable deductions and certain miscellaneous deductions (such as investment advisory fees, and attorney/accountant fees) are treated differently than for individual taxpayers.

However, with a decent understanding of the basic income tax and net investment income tax (NIIT) rules, you can add significant value to your clients.

Who should take this program?

Any tax practitioner who wishes to understand how to assist clients with filing a federal gift tax return

Major subjects

  • Passive activity rules for trusts including the NIIT
  • The different types of trusts for income tax purposes (e.g. simple, complex, grantor, charitable)
  • The critical categorization of income (taxable income vs. fiduciary accounting income)
  • Distributable net income (DNI) and how it works
  • The "Tier" Rules
  • The Separate Share Rule
  • IRC 663(b) "65-Day" Rule
  • IRC Section 691(c) Deduction
  • QSST and EBST elections
  • How to treat excess deductions on termination
  • Grantor trust rules and how they impact planning and return preparation
  • The income tax side of Domestic Asset Protection Trusts

Learning objective(s)

  • Understand how to file a basic income tax return for an estate or trust -- form 1041


Course code Code 22WS-1458
Sponsor Surgent
NASBA ID#: 103212
Level Advanced
Format Group Internet Based
Prerequisites Prereq. Intermediate understanding of federal income tax
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