You do not. TurboTax Premium Online will report IRS form K-1 (1041).
Follow these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Click the down arrow to the right of S-corps, Partnerships, and Trusts.
- Click to the right of Schedule K-1.
- At the screen Tell us about your Schedule K-1, click to the right of Estates or trusts (Form 1040).
- For several screens, you will be entering data right off the K-1 form.