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Fiduciary Income Tax Returns – 1041 Workshop with Filled-in Forms (in collaboration with the FICPA)


This course is designed as a comprehensive guide to the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms.</font </div

Learning Objectives

<liBe aware of fiduciary accounting principles</font
</li<liCalculate Distributable Net Income and the income distribution deduction</font
</li<liPrepare Form 1041 and Schedule K-1</font </li</ul</ul

Major Topics

<liClassifying receipts between “income” and “corpus” under the Uniform Principal and Income Act</font
</li<liCalculation 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</font
</li<liProper W-2 preparation and procedures in the year of death</font
</li<liTaxpayer passes before taking a required minimum distribution; what must be done? </font
</li<liForgetful fiduciaries of simple trusts</font
</li<liFluctuating trusts – Simple one year, complex the next</font
</li<liDividing income in the year of death</font
</li<liOverview of Subchapter J</font
</li<liForm preparation issues – Filing requirements and line-by-line explanations of Form 1041</font
</li<liTaxable income of estates and trusts and expense allocation issues</font
</li<liSpecific deductions and miscellaneous itemized deductions</font
</li<liIncome in respect of a decedent</font
</li<liThe income distribution deduction calculation</font
</li<liRelation of principal and income law to DNI</font
</li<liUnderstanding how to handle capital gains and losses</font
</li<liAllocating tax items to beneficiaries: another K-1</font
</li<liOther considerations: excess deductions on termination</font
</li<liEffects of the CARES and Tax Relief Acts on trusts: §461(l) Excess Business Loss Limitation, NOL, §163(j) modifications, new employer credits</font
</li<liComprehensive DNI case study, with principal (cost and FMV) and income reconciliation</font
</li<liComprehensive trust and estate case studies, with filled-in forms</font </li</ul</ul

Maryland Association of CPAs
Course Level
Professional Area of Focus
Accounting and Auditing
Accounting & Auditing
CPE Field of Study
Who Should Attend

Accounting and Financial Professionals whose practice includes the preparation of fiduciary income tax returns


Experience with the preparation of income tax returns

Live Online – via FICPA On24 Link
Event Information
Jun 2, 2023
8:30 am - 4:00 pm EDT
Live Online – via FICPA On24 Link
Total CPE Credits
Live Webcast


$ (% off)


$ (% off)
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Fiduciary Income Tax Returns – 1041 Workshop with Filled-in Forms (in collaboration with the FICPA)

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