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.

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

Prerequisites

A basic working knowledge of Form 1041 and estates and trusts

Designed For

Experienced CPAs working with 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