Navigating Form 1041

Webinar: ID# 1023063
Recorded CD
About This Course:
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 webinar 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.


  • 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
  • TaxExempt 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
About The Presenter

Robert E. Barnhill, III
  • Attorney, certified public accountant, personal financial specialist and certified financial planner with Live Speakers, Inc.
  • Practices in the estate and retirement planning areas, and has written several books covering these and related business areas
  • Adjunct professor at Texas Tech University in the personal financial planning department for more than 20 years
  • Conducted training sessions for various professional associations throughout the United States for more than 26 years
  • Maintained a private practice for more than 30 years
  • Holds the Toastmasters International Accredited Speakers designation for platform excellence and has been named by the AICPA as an Outstanding Discussion Leader
  • Former international president for Toastmasters International from 1996 to 1997, former president of the West Texas Chapter of the Financial Planning Association, and a member of the American Bar Association, the AICPA, the State Bar of Texas, Society of Estate and Trust Practitioners, Society of Financial Service Professionals and the National Speakers Association
  • J.D., M.B.A. and B.A. degrees, Texas Tech University
Navigating Form 1041
Available on CD format
Share This:
About Us Privacy Guarantee Affiliate List Your Courses Contact Us My Account 5755 North Point Parkway, Suite 227 | Alpharetta, GA 30022 | 770-410-1219 |
Copyright 2018 | Web Site Development by OTAU