To enter your form K-1 in TurboTax, open your return and follow these steps:

• Click on Federal Taxes, then on Wages and Income
• Under All Income, locate the Other Business Situations section
• Click Show more and click Start next to Schedules K-1, Q (see attached screenshot).

I had to upgrade 2019 to Business Plan to enter my K1    Please confirm that this will be the correct plan for my 2020 taxes

Turbo Tax doesn't have a "business plan" version ... to enter a K-1 you need the Premiere or better if using the online version  OR   you can use ANY of the Downloaded versions. 

Filing for 2020 taxes stops just before the final step for online Turbo Premium. When adding info for form K-1 to record a final trust payment for my wife's inheritance, Turbo indicated that I can't file until 2/25 when K-1 forms are available. We were mailed a paper form last spring (form is for fiscal year 4/1/19—3/31/20) with final disbursement which I used to enter the requested info. Does this mean I need to wait for a new document (maybe different K-1 version) to be mailed to us to reenter data? Or is this just an IRS dictum regard timing for when they receive corresponding information from the trust company?

No the K1 form you have is correct.  Estates have the option to claim their year end.  For estate with year ends ending in 2020, you would report the beneficiary's share of income or losses on your 2020 tax return.  The 2/25/21 date is the availability date for the form in TurboTax.  You should be able to enter the information and clear review on or after that date.

Click here for the Form Availability schedule for TurboTax.  

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.

Feb 2020/ turbotax premiere

 If the dividend is considered a "partnership distribution" as some are, ( stock example: EPD/ Enterprise Products Partners LP) - you have to enter your K1 info under >income- (keep on expanding the other incomes until "S-corps/partnerships/trusts" come up, and drop down to "Schedule K1", it's not under "other business situations".  

Separately- you will have to get your K1 through that company, not the brokerage( like Robinhood etc) just google XYZ Company K1 Tax Information. they usually have it available at a certain date.

Does anyone know whether the K-1 form is refundable or non-refundable credits? How can I figure out this information? It does not say anything on the form itself. Thank you!

It depends on the credit listed on the K-1.  Just being on the K-1 itself does not make a credit refundable or nonrefundable, although it is highly unlikely that credits coming from a business like a partnership or S-Corporation would be refundable.

Just enter the information from your K-1 in TurboTax and the program will figure out if the credit is refundable or nonrefundable.

Please make sure you use the right K-1 entry form. There are actually three types of K-1s, depending on the type of entity creating the K-1: partnership, S-corporation and trust/estate.  Lines and codes on the forms differ from each other.

To enter information from Schedule K-1, please follow these steps:

TurboTax CD/Download

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on]. 
2. Under Business Investment and Estate/Trust Income, click on the box next to Schedule K-1.  
3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.     
4. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).    
5. If you haven't started enter K-1 information, continue through the screens, entering the requested information.

TurboTax Online

1. Click on Federal > Wages & Income
2. Under S-corps, Partnerships, and Trusts, click on the box next to Schedule K-1. 
3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.     
4. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).    
5. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

@and11829

Thank you very much for the quick reply!

It looks like for 2020 taxes they've moved it from Other Business Situations to S-corps, Partnerships and Trusts.  I found the K-1 entry boxes there.