The K-1 is typically used for partnerships, trusts, and few other types of entities. The income is passed through to you along with the tax liability. Summary at https://www.investopedia.com/ask/answers/09/k-1-tax-form.asp . Sometimes they can be a pain to figure out because the nomenclature of certain items like in depreciation don't match what the tax form refers to and TT has had a longtime deficit in the ability to explain these.
But most of the box items do match for the simpler K-1s and you just plug in the info where TT indicates starting under Personal income, Business Investment and Estate/Trust Income (TT-H&B). Yes, it would be easier if these could be downloaded into TT so one wouldn't have to twiddle with all the box info.
