Form 1041: Estate and Trust Tax Reporting

Allocating Income and Deductions, Calculating DNI, Understanding Reporting Rules for Trusts, and More

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, February 27, 2014

Recorded event now available

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Course Materials

This course will improve return preparers' familiarity with preparing Form 1041, such as calculating distributable net income, allocating income between the trust and beneficiaries, and understanding reporting rules for revocable and irrevocable trusts.


With increased use of trusts for wealth transfer and the heightened risk of an IRS estate return audit, tax return preparers must be thoroughly familiar with completing Form 1041. The Supreme Court's rejection of DOMA creates new estate tax planning options for same sex couples that can be included on 2013 returns.

Other complex tax questions to consider and resolve include allocating income between the trust and beneficiaries, calculating distributable net income, computing the income distribution deduction, understanding reporting rules for different trusts rules and limitations for deductions, selecting a year end, and avoiding common pitfalls.

Listen as our experienced panel reviews the rules and offers guidance for tax return preparers for completing Form 1041, including important issues such as calculation of distributable net income and allocation of income between trust and beneficiaries.



  1. Preparing Form 1041
  2. Taxable income
  3. Calculating distributable net income
  4. Allocating income between trust and beneficiaries
  5. Deductions
  6. Selecting a year end
  7. Reporting rules


The panel will review these and other key questions:

  • What complexities should tax preparers be cognizant of when allocating income between a trust and beneficiaries?
  • What issues should be considered when calculating distributable net income?
  • What common mistakes should tax preparers avoid when preparing Form 1041?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.


Robert E. Barnhill, III
Robert E. Barnhill, III
Robert E. Barnhill, Atty at Law

Mr. Barnhill's practice focuses on wealth accumulation and compensation planning. He presents and authors on Form...  |  Read More

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