If you own a business where a K-1 needs to be created (a C Corporation, multimember LLC, SCorp, or partnership), then you will need to file a separate tax return for the business using TurboTax Business. After creating your business tax return, a K-1 form will be generated for you and your wife to use on your personal return.
YET, if you and your wife's partnership is considered a single member LLC in your state (community property states allow this), then you will not need a K-1 created, but your business income and expense information will be entered directly into your personal return on Schedule C.