I have TurboTax Business 2016. I only need to create a schedule K form for a general partnership. Do I need to purchase the 2017 version?

You need to use TurboTax Business to prepare form 1065 for your partnership and TurboTax will automatically prepare the Forms K-1 once you have completed form 1065.

The TurboTax is designed for each tax year and you need to purchase TurboTax Business 2017.