Completing Form K-1 for Trust Distributions: Determining Filing Requirements
DNI Calculations, Allocating Trust Income From Pass-Through Entities Between Corpus and Income
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide fiduciary tax advisers and compliance professionals with the tools needed to navigate the unique challenges in reconciling and completing Form K-1 for estate and trust beneficiaries. The panel will discuss income classification and allocation of the trust's income distribution deduction among multiple beneficiaries and detail the interplay between the trust document, fiduciary accounting income, and the beneficiaries' K-1s.
Outline
- Rules for when a trust is required to issue a K-1
- Allocating taxable income amounts between trust and beneficiary in cases of trustee discretion to distribute
- Treatment of specific bequests
- Calculating allocation of trust income from pass-through entity between trust corpus and income
Benefits
The panel will discuss these and other important topics:
- Differences in tax and K-1 treatment between specific bequests, formula bequests, and distributions made from trustee's discretion
- K-1 reporting of income that is partially taxable to the trust and partially taxable to the beneficiary
- Calculating taxable amounts on trust income from pass-through entities and how to report on beneficiary's K-1
- Determining when a trust is required to issue a K-1
Faculty
Erin Fukuto, CPA, MST
Partner
Raimondo Pettit Group
Ms. Fukuto heads the firm’s estate, gift, and trust services. She specializes in income tax and estate planning... | Read More
Ms. Fukuto heads the firm’s estate, gift, and trust services. She specializes in income tax and estate planning with an emphasis on minimizing taxes, increasing corporate profits and individual net worth, and helping not-for-profit organizations maintain their tax exempt status. Her responsibilities include: partner in charge of trust, estate and gift tax services; individual, estate, gift and trust tax planning and compliance; corporate, partnership and business tax planning and compliance; providing advisory support, tax and compliance services to nonprofit organizations; and transactional and business succession planning. Ms. Fukuto has over 20 years of experience in public accounting.
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Neal B. Jannol
Attorney
Law Offices of Neal B. Jannol
Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more... | Read More
Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more than 20 years and concentrates his practice on sophisticated estate and tax planning for individual clients, the representation of individual and corporate fiduciaries, and the administration of estates and trusts. His experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California and is a Certified Specialist in Estate Planning, Trust & Probate Law. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.
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Paul Jones, CPA
Attorney
Paul Jones Attorney
Mr. Jones is an attorney and CPA. He focuses his practice on tax law, business law, estate planning, expat tax and... | Read More
Mr. Jones is an attorney and CPA. He focuses his practice on tax law, business law, estate planning, expat tax and wills and trusts. He has given presentations on a wide array of issues, including accounting for trusts and estates, tax planning for trusts and estates, and foreign earned income focusing on exclusion and other tax Issues for expat workers.
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