Yes, if you are using TurboTax Online Deluxe, you will need to upgrade to TurboTax Premium in order to report the 2024 Grantor Letter. TurboTax will prompt you to upgrade when you try to add a new K-1.
It's important to enter the income under the Schedule K-1 section so the income is reported as passive. This includes the capital losses, although you are limited to claiming no more than $3,000 of capital losses each year. If you have other capital gains for the year, some of the pass-through capital loss may be offset by the gains. Any excess capital losses are carried over to future years.
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