Yes, you can do this but you would need to have the TurboTax Home and Business version. Once you enter the information about your self-employed income, you would need to override the self-employment tax and report it as zero. You won't be able to electronically file the return and you will need to send a written statement along with the return. Here is how to override the amount.
Once you enter your data, go to the forms mode on your return. Go to Sch SE.
Scroll to line 12 on the form, right click the mouse, and select override. Then enter zero in the box. The amount will appear in red. Because TurboTax does not automatically include the necessary exemption notation, you must write "Exempt, see attached statement" on Schedule 2, line 4, by hand after printing the return. The attached statement is something you would include with the return to explain why you are exempt from SE tax.
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