Fiduciary Income Tax Returns -- Form 1041 Workshop with Filled-in Forms Webinar

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

• Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act
• Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses
• Proper W-2 preparation and procedures in the year of death
• Taxpayer passes before taking a required minimum distribution; what must be done? 
• Forgetful fiduciaries of simple trusts
• Fluctuating trusts – Simple one year, complex the next
• Dividing income in the year of death
• Overview of Subchapter J
• Form preparation issues – Filing requirements and line-by-line explanations of Form 1041
• Taxable income of estates and trusts and expense allocation issues
• Specific deductions and miscellaneous itemized deductions
• Income in respect of a decedent
• The income distribution deduction calculation
• Relation of principal and income law to DNI
• Understanding how to handle capital gains and losses 
• Allocating tax items to beneficiaries: another K-1
• Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation 
• Comprehensive trust and estate case studies, with filled-in forms