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You need to upgrade to Online Premium or any of the Desktop programs to enter a K-1.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down to S-Corp, Partnerships and Trusts
Schedules K-1 - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Note that you need to upgrade from Deluxe (online) in order to enter a K-1.
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