Yes, if you are using TurboTax Deluxe installed on your computer (not in a browser), you can report Schedule K-1 under Investment Income. If you're logging into TurboTax through the website, you'll need to upgrade to TurboTax Premium before you enter a K-1.
Follow the interview and answer all questions as best you can. The K-1 should have all the information you need.
To enter your K-1 information, follow these instructions: Where do I enter a Schedule K-1 that I received?
See also: How do I upgrade or switch to a higher version of TurboTax Online?
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