2022 How To Prepare A Fiduciary Return

(2 Credit Hours of Federal Tax Law)

Instant Access

Course Description

Reporting the income of trusts and estates is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives, and beneficiaries. Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but are soon overwhelmed by the intricacies of Subchapter J of the Internal Revenue Code. This class will examine the basics of estates and trusts, provide an understanding of distributable net income (DNI) and income-in-respect of the decedent (IRD), and offer a practical guide to completing the fiduciary income tax return.

Learning Objectives

Upon completion of this course, you will be able to:

  • Understand the timeline and tax filing requirements faced by a decedent’s personal representative.
  • Identify reportable items of income and deductible expenses.
  • Distinguish between accounting, distributable, and taxable income.
  • Diligently and properly complete Form 1041.
  • Glean information from and work with related individual and estate tax forms.

This Course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education. 

Monica Haven is an enrolled agent with J.D. and LL.M. degrees in law and taxation.  She is a nationally recognized speaker and a sought-after guest lecturer on college campuses and at community organizations.  She loves to teach and welcomes every opportunity to share her experience and expertise in the classroom, even as she maintains her Southern California tax practice which serves clients throughout the world.