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 S. Fukuto, CPA, MST
Partner
Eide Bailly
Ms. Fukuto is a Tax Partner and specializes in the Estate and Trust Tax Services for Eide Bailly, LLP, a certified... | Read More
Ms. Fukuto is a Tax Partner and specializes in the Estate and Trust Tax Services for Eide Bailly, LLP, a certified public accounting firm. With over 40 years of experience, she provides tax compliance, planning and consulting services for high net worth individuals, business succession and perpetuation planning for closely-held businesses and non-profit organizations. Ms. Fukuto's expertise includes estate and trust plan review and development, implementation and administration, tax compliance and strategic consulting services that allow her to work with complex estates and family wealth transfer issues. She obtained her Bachelor of Science in Accounting from the University of Southern California and her Masters degree in Taxation from Golden Gate University. Ms. Fukuto is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. She is also the Former Chair for the Orange County Estate Planning Council and Former Chair of the State Estate Planning Interest Group for the California Society of Certified Public Accountants.
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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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