Description:

This book is for preparing 2024 taxes. In this course, tax professionals will gain an understanding of trusts, including how and why different types of trusts are created, the rights and duties of the parties involved, and the fiduciary’s income tax filing requirements. It also provides information regarding how to complete a basic income tax return for a trust by analyzing its income, deductions and distributions during its existence and upon termination.

• Identifying grantor trusts
• Differentiating simple trusts from complex trusts
• Determining the filing requirements for different types of trusts
• Identifying trust income and deductions
• Summarizing the tax effects of distributions to beneficiaries
• Calculating distributable net income (DNI), fiduciary accounting income (FAI) and the income distribution deduction (IDD)
• Preparing a basic Form 1041, U.S. Income Tax Return for Estates and Trusts, and Schedule K-1 (Form 1041), Beneficiary’s Share of Income, Deductions, Credits, etc.
• Explaining the tax consequences when a trust terminates

Product Details:

Item Number: 24322

Level: Basic

Authors: NATP Staff

Published: 2024

Format: Print - 204 pages

Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course..