on K1 Part III, Box 23 is checked More than one activity for passive activity purposes? Do I need to key a separate K1 for each entity?

Yes, if Schedule K-1 reports information from more than one trade or business, enter each activity as a separate K-1 in TurboTax. This assumes that Part III Box 23 reports Section 199A information for QBI.

Enter all the information from Part I and Part II of the K-1 on both copies. Include all information from Part III on the first copy - except for the information specific to the second activity. The second copy should have only the information for the second activity.