How do I remove Schedule K-1 (Form 1120S) from Federal Return which was mistakenly created?

You can just delete the K-1(S) using these instructions:

TurboTax Online

1. While in your return, click on Tax Tools > Tools (in the black bar at the side of your screen).  [See Screenshot #1 below.]
2. In the Tools Center, under Other helpful links click on Delete a form. [Screenshot #2]
3. Click Delete next to the appropriate form or schedule and follow the onscreen instructions. [Screenshot #3]
4. Once you have finished deleting the desired form(s) click the Continue with My Return box (in the lower right of your screen).

TurboTax CD/Download

1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.  [Screenshot #4]
2. In the Forms in My Return list on the left, double-click on the form you wish to open and delete.  [Screenshot #5]
3. Click on the Delete Form box at the bottom of the screen.
4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.

The answer to my question was found in the tool bar under forms, where you can remove a form.

Thanks, jwgamble