If the answer is yes, where can i get help on how to enter. The k-1 has several income types and thus Turbotax is saying i need to enter a unique k-1 in the system for each type of income. Problem is I am struggling to identify the different types of income.
I doubt that the income reported by Schwab is the same as on the K-1 you received since it doesn't get this info. but to make sure what kind of income is being reported for this entity by Schwab?
reporting of income in part III on lines 1, 2, and 3 of the k-1 require a separate k-1 for each of these lines with a number other than zeo. most other lines can be entered on the 1st k-1. but maybe not all. some lines on the k-1 may need to be reported on the separate k-1. there should be info included with the k-1 to guide you. for example line 17 on the k-1 would need to be entered on the k-1 it relates to. QBI info in box 20 would also need to be entered on the related k-1. These are not the only lines just an example.
Thank you for your response. This is helpful. I am just struggling to identify which items should be reported on which k-1. The information received with the K-1 is not terribly helpful in identifying each of the items. The descriptions are not clear enough. Is this something I basically need to have a tax expert review? I have always done my taxes myself and am usually able to do enough of my own research to determine appropriate reporting, but this one has me stumped.
If you have specific questions on how to enter certain items from your K-1 schedules, you can contact a TurboTax agent and they can help you with that as follows:
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
Looks like i will have to go to a tax professional. Called turbotax and they don't seem to have a clue. same issue on a separate investment last year, not a k-1 (it was a qualified small business investment). I am simply trying to determine how many different K-1's I have to create in turbotax for the single k-1 i received to enter the numbers correctly and determine which $ amounts go on which of the unique k-1's i have to create. Nobody at turbotax seems to have a clue and the partnership that issued the form was not helpful either. My ignorance of k-1's is definitely an issue but i have read the entire IRS k-1 publictation and even that does not help me determine how to do this in turbotax. Any help from anybody would be greatly appreciated.