Do you need to create the Schedule K-1 for the trust, or did you receive a Schedule K-1 from a trust?
If you received a Schedule K-1, see the FAQ at the following link for instructions to enter the Schedule K-1 in your personal tax return.
https://ttlc.intuit.com/questions/1900938-where-do-i-enter-a-k-1-that-i-received
Schedule K-1 for a trust comes from the Form 1041 tax return that is filed by the trust. That is separate from your personal Form 1040 tax return. If you need to prepare a Form 1041 tax return for a trust, you cannot do that with TurboTax Home & Business. You have to use TurboTax Business, which is a different product. You can find more information about TurboTax Business, and purchase it, at the following link.
https://turbotax.intuit.com/small-business-taxes/
You cannot use TurboTax Business to prepare your personal Form 1040 tax return. You still need Home & Business (or one of the other personal editions) for your personal tax return.
No - You can enter a K-1 from a trust, but you can not generate a K-1 for a trust. This is done from a Trust return (Form 1042).
To prepare a return for a trust , you need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business.