Schedule K-1 received has no entries (they are blank). Do I still need to report this K-1? TurboTax is warning me that “We noticed you have a K-1 that has no entries”.

There isn't any need to add the Form K-1 because there isn't a tax impact.

You can delete the form K-1 from your tax return in Forms mode by:

Selecting Forms located in the upper right corner of the screen

Scrolling and clicking K-1 or K-1 wks

A window will appear in the middle of the screen

Click the Delete Form button shown at the bottom of the screen