SCHEDULE K-1

Forum|Forum|5 months ago
March 25, 2026
2 replies
217 views

What do I need to do with a Schedule K-1 that just came to me from Charles Schwab monies? never had this before and dont know what to do with it. still doing my taxes on turbo tax

CesarJ

Level 10

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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