If you received a Schedule K-1 from Charles Schwab, it means you have income, deductions, or credits from a pass-through entity like a partnership, S corporation, or trust related to your Schwab investments.
In TurboTax Online, to enter this K-1, go to the Wages & Income section and find the Schedules K-1 or Q page. Select Yes to indicate you received a K-1. Then choose the type of Schedule K-1 (partnership, S corporation, or trust) that matches your form from Charles Schwab.
Follow the prompts to enter the details exactly as shown on your Schedule K-1. Carefully enter the codes and amounts from Part III (lines 1-20), paying close attention to Box 20 QBI information. This will ensure income and deductions are reported correctly on your tax return.
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