Which Turbo Tax if inheriting s corp shares?

[Slingshot75]

Trying to figure out which version of TurboTax will work for me.  When my mother passed away (end of 2019), her will left her shares of my Aunt's farm (s corp I believe) to myself and my siblings.  While nothing formal has taken place in regards to the transfer of the shares, I understand the transfer is still "automatic" upon her death.  Could be wrong there.  That said, even if it's something I need to claim, will TurboTax premier be sufficient?

Thanks in advance.

[tagteam · Accepted solution]

As an heir (or otherwise beneficiary of an estate or trust), you only have to be concerned with being able to input information from a K-1 (1041) or a sale of property that has been distributed to you.

Consequently, you can use TurboTax Premier or Self-Employed if you want to use an online version of TurboTax or any desktop (installed) version of TurboTax for your purposes.

[Slingshot75]

Thanks!  I had thought that as I remember my mother only needing to wait for a form from my uncle each year which I vaugly remember as the K-1.  It's my understanding this was basically to claim the profit or loss from the farm, correct?  Thanks again!

[tagteam]

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@Slingshot75 wrote:

.....It's my understanding this was basically to claim the profit or loss from the farm, correct? 

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Yes, as a shareholder in an S corporation, your mother would have been receiving a K-1 each year.

[Slingshot75]

Thanks!