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Tax Reporting for Trusts

2 CPE for AFSP, EA, CFP®, CPA, CRTP

Once a tax professional has identified the type of trust they are working with, the next step is understanding how to report the trust activity on Form 1041, U.S. Income Tax Return for Estates and Trusts. During this session, we will focus on reporting income and expenses of a trust by walking through a comprehensive example. Additionally, we will address the importance and difference between distributable net income (DNI), fiduciary accounting income (FAI) and the income distribution deduction (IDD). 

Objectives
Upon completion of this session, you will be able to:

  • Determine income of a trust 

  • Identify expenses of a trust 

  • Differentiate between distributable net income (DNI), fiduciary accounting income (FAI) and income distribution deduction (IDD) 

CPE information
Duration: 100 minutes
Course level: Intermediate
Prerequisite: Basic understanding of the different types of trusts
Advanced preparation: None
Delivery method: Group Live

Kathryn Keane

Principal Tax Professional at Macanta Corporation

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