Preparing Form 1041: Post Mortem Tax Saving Strategies

Note: CLE credit is not offered on this program

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


Conducted on Thursday, July 22, 2021

Recorded event now available

or call 1-800-926-7926
Course Materials

This course will outline strategies that should be considered by estate and trust practitioners when preparing Form 1041. Our panel of estate tax veterans will identify ways to reduce tax for taxable and non-taxable estates and their heirs.

Description

When preparing Form 1041, U.S. Income Tax Return for Estates and Trusts, there are numerous time and tax saving opportunities for tax preparers to consider for an estate. Preparing a first and final return or electing to include income earned in a decedent's trust on the estate income tax return can save both time and money.

Estate advisers should consider distribution strategies to minimize overall tax paid, which could include making a 65-day election under 663(b). Claiming charitable deductions, electing to deduct certain expenses on the 1041 instead of Form 706, and strategizing final and excess distributions can lead to substantial overall tax savings for a decedent and heirs.

Preparing the form itself is challenging. Initially, the most suitable year-end date needs to be selected. Tax practitioners must determine whether charitable contributions can be deducted and how to properly report these on Schedule A. Since expenses paid in administering and closing an estate are unique, determining what is or is not an allowable deduction for these entities can be time-consuming.

Listen as our panel of estate tax experts discusses post mortem planning opportunities that should be considered when preparing Form 1041 for a decedent's estate.

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Outline

  1. Post mortem planning
  2. Elections
  3. Deductions
  4. Income
  5. Distributions
  6. Preparing Form 1041

Benefits

The panel will review these and other critical issues:

  • When to consider accrual basis reporting
  • Taking a charitable deduction relative to income set aside for charitable purposes
  • Reporting excess deductions on termination
  • Making a 663(b) 65-day election for trust distributions

Faculty

Doyle, Jere
Jeremiah W. (Jere) Doyle, IV

Senior Vice President
Bank of New York Mellon

Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their...  |  Read More

Jannol, Neal
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

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