You need to use Online Premium or any of the Desktop programs to enter a K-1. You can only import a K-1 to the Desktop CD/Download Software, not to Online version and if you can get a .txf file for it and in the right format. Apparently you can only import K-1s for MLPs and not Trusts or Estates. You can not import a K-1 from Turbo Tax Business Program.
It should be just as easy to manually enter the 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
