Yes, enter your Schedule K-1 amounts, Box 11 and Box 19, into TurboTax in the relevant section, i.e., in S-corps, Partnership, and Trusts (TurboTax online) or Business Investment and Estate/Trust income (TurboTax CD/download). Even though your entries relate to Qualified Small Business Stock, do not "zero them out" in the K-1 section of TurboTax despite the exceptions that relate to QSBS stock.
Ordinarily Schedule K-1s of this type include a Statement on how certain items on the Schedule K-1 should be reported. We are not sure whether you received such a Statement; however, reporting the amounts as is in the Schedule K-1 section is the preferred method.
The initial posts in this thread seemed to imply that the Schedule K-1 came from an investment club of some type. If your situation involved an investment club whereby the investment club managed funds on behalf of the club members, then the foregoing analysis may not apply. Thus, follow-up with us if you need to provide additional information.
@ericball
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