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Trust Tax Returns — A Primer to Get You Started


As the population continues to age, people are becoming increasingly concerned with finding ways to control or direct how assets are received by future generations. Trust arrangements are therefore becoming more popular as the vehicle of choice for many taxpayers. This course provides the trust tax basics you need to assist your clients. This includes a crash course on trust terminology, as well as definitions, filing procedures, and tax implications of grantor (revocable) and nongrantor (irrevocable) trusts, as well as simple and complex trusts.

This self-study course also discusses the unique concept of fiduciary accounting income (FAI), including how it is calculated. Income tax issues for trusts — including rates, net investment income tax, capital gain rates, application of the QBID deduction, and exemptions — are also covered. The webinar also spends time on distributions, filings requirements, and taxation of beneficiaries, including the allocation of distributable net income among beneficiaries and charitable contributions. Additionally, the course covers how specific gifts and bequests outlined in a trust instrument must be treated. A comprehensive example takes you through the life cycle of a trust, from addressing the grantor’s needs to the ultimate implementation of the desired trust provisions.


Last reviewed for accuracy: October 2023


Webinar Instructor: Tom O’Saben

Tom O’Saben, EA, was Assistant Director, Professional Education and Outreach, at Tax School from 2019 to 2022, and an instructor for Tax School from 2005 to 2008 and 2011 to 2022. He has presented tax-related instruction for various organizations throughout the country since 2003. Tom has been a tax practitioner since 1991 and earned his bachelor’s degree from Southern Illinois University Edwardsville.

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