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Navigating Form 1041 - Webinar

  • ID: 3787619
  • Webinar
  • 100 Minutes
  • Lorman Business Center, Inc.
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With more individuals using trusts in estate planning, knowing how to prepare an accurate Form 1041 is becoming more important than ever.

Properly computing taxable income and correctly allocating taxable income between the entity and its beneficiaries can avoid not only challenges by the IRS but also disgruntled beneficiaries. This topic will help you understand the main rules on how to properly prepare Form 1041 for probate estates and simple and complex trusts. Learn what is taxable to and deductible by a fiduciary entity. Discover the required allocation rules concerning depreciation and DNI. With the information provided, you’ll have the tools you need to prepare an accurate Form 1041.

Learning Objectives
  • You will be able to explain allocation between final 1040 and first 1041.
  • You will be able to identify the two percent rule.
  • You will be able to describe and determine character of DNI.
  • You will be able to review how to prepare Schedule K-1.
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Overview
- Entities Covered Probate Estates, Simple and Complex Trusts
- Applicable Laws
- Steps
- Selecting a Year End

Computing Adjusted Total Income (Line 17)
- Items Included in Gross Income
-Allocation Between Final 1040 and First 1041
-Capital Gains and Losses
-Passive Activities
- Items Deductible From Gross Income
-Depreciation
-Tax-Exempt Income
- Two Percent Rule

Computing the Income Distribution Deduction (Line 18)
- Computing Distributable New Income
- Determining Character of DNI
- Allocating DNI Between Beneficiaries and Entity

Preparing Schedule K-1
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Robert E. Barnhill III, Live Speakers, Inc.
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This webinar is designed for accountants, attorneys, presidents, vice presidents, controllers, business owners and managers, finance executives, brokers, tax managers, enrolled agents, bookkeepers and tax preparers.
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