Yes, TurboTax will include all taxable income reported on Schedule K-1 when calculating your tax liability, including Box 1.
Schedule K-3 is a tracking tool for the IRS that reports foreign income, which is already included in other boxes on the K-1. The calculations on this form can result in deduction limitations. But unless this is a foreign investment with significant foreign activity, whatever information is missing by not having Schedule K-3 should not greatly influence the taxes due on your return.
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