CCH Testing Center

Courseware:

Test Description:

CCH's new 1041 Preparation and Planning Guide presents a fundamental review of the rules for federal income taxation of trust and estates and clear guidance on properly preparing the Form 1041.

Module 2 details the rules for completing the fiduciary income tax return, including a discussion of income, deductions, and tax payments. It also contains an explanation of Schedule K-1 for beneficiaries.

Chapter 5 shows how to enter the income items on lines 1-9, page 1 of Form 1041 and how to complete Schedule D of Form 1041.

Chapter 6 goes through completion of the deductions section of Form 1041, lines 10-21as well as completion of Schedule A for charitable contributions and the income distribution deduction on Schedule B.

Chapter 7 discusses elements of tax and payment, such as figuring the tax liability, the tax credits that can be claimed, figuring estimated tax where applicable, and figuring the tax payable by the trust or estate and completing Schedule G,

Chapter 8 explains all the elements needed to complete the return once all lines have been filled in, including such details as who must sign the return and where to file the return.

Chapter 9 discusses the purpose of Schedule K-1, distinguishes between beneficiary reporting for simple trusts and reporting for decedents' estates and complex Trusts, then goes through completing Schedule K-1.