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Estates Part 2 — Filing the Estate Form 1041 On-Demand Webinar

2 CPE for AFSP, EA, CPA, CRTP

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Summary

When taxpayers pass away, their assets become part of their estate. Very often, those assets generate income that requires reporting on the estate’s Form 1041, U.S. Income Tax Return for Estates and Trusts. In the second part of our two-part series, we’ll discuss the difference between estate income and estate principal or corpus, making the §645 election to treat the decedent’s trust as part of their estate, and making income distributions and principal to the beneficiaries. We’ll also cover preparing Form 1041 and the beneficiary’s Schedule K-1, Beneficiary’s Share of Income, Deductions, Credits, etc., and wrap up with closing the decedent’s estate.

This webinar builds on concepts discussed in part one, which covers filing a taxpayer’s final Form 1040.

Objectives

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

  • Outline the filing requirements for a decedent’s estate
  • Differentiate between estate income and estate principal
  • Identity income and expenses reported on an estate Form 1041
  • Explain how to make the §645 election
  • Summarize how to close the decedent’s estate
  • Prepare the estate Form 1041 and beneficiary Schedule K-1

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.

Presented by: Jaye Tritz, EA, CFP®
Jaye holds a bachelor’s degree from Northwestern University and has recently retired from active tax practice. She was formerly a multi-unit franchise owner with H&R Block, having been twice honored as National Franchisee of the Year by that company. During her 31-year career as a tax preparer, she earned her Enrolled Agent (EA) designation in 1997 and became an NTPI Fellow in 2010. Jaye is also a Certified Financial Planner (CFP®). Jaye has been a career-long member of NATP and has been an instructor and content developer with NATP for over 15 years.

Course Year: 2024
Duration: 100 minutes
Course Level: Intermediate
Prerequisite: Basic understanding of income taxation
Advanced Preparation: None
Delivery Method: QAS Self Study

 

CPE CreditsDesignationField of Study
IRS2AFSPFederal Tax Law Topic
IRS2EAFederal Tax Law Topic
NASBA 2CPA Taxes
CTEC0CRTPFederal Tax Law Topic
CFP Board0CFP® N/A

How to Earn CPE

To receive credit for this on-demand webinar, you must make at least one attempt to answer each of the review questions included with the webinar video. You also must successfully pass the course exam with a score of 70% or better.

The course and exam will expire one year from the date of purchase.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

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