Description:
Be prepared to assist your clients in their time of loss by helping them file their loved one’s final tax returns. This e-book details the steps to file the taxpayer’s final Form 1040, U.S. Individual Income Tax Return, in the year of their death and Form 1041, U.S. Income Tax Return for Estates and Trusts, in the years following their death. It addresses allocating income between the final Form 1040 and Form 1041, properly calculating and reporting income in respect of a decedent (IRD) and distributable net income (DNI), and preparing the final Form 1040, the estate Form 1041 and the beneficiaries’ Schedule K-1 (Form 1041), for a Beneficiary Filing Form 1040 or 1040-SR.
Table of Contents.
The Final 1040 and Form 1041 covers:
- Identifying the filing requirements for a final Form 1040
- Identifying the income filing requirements for an estate
- Differentiating income and expenses between the final Form 1040 and Form 1041
- Computing the final Form 1040
- Computing Form 1041
- Computing Schedule K-1 (Form 1041)
Product Details:
Level: Intermediate level
Author: NATP Staff
Publisher: NATP
Publication Date: 2020
Format: Electronic - 214 Pages
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