Yes, you can file an extension Form 4868 electronically with TurboTax. The option to prepare and file an extension appears in Other Tax Forms under Other Tax Situations in both TurboTax Online and TurboTax Desktop.
If you file for an extension, include payment of any estimated taxes due. The extension is only to allow you to file up to 6 months after the deadline and not be assessed a late filing penalty. It doesn't extend the time to pay your tax. By filing your return on time, including extensions, you can avoid the penalty for late filing. Filing timely does not stop interest from accruing on any unpaid balance.
See this TurboTax help article for more information about extensions.
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