Business & farm

Yes - You need to use the Premier version of TurboTax to enter a Schedule K-1 in TurboTax.

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 a Schedule K-1, please follow these steps:

1. Click on Federal Taxes > Wages & Income > I'll choose what I work on.
2. In TurboTax CD/Download:  Go to Business Investment and Estate/Trust Income, click on the Start/Update box next to Schedule K-1.   In TurboTax Online:  In the S-corps, Partnerships, and Trusts section click the Start/Update box next to Schedule K-1. 
3. Click Yes on the next screen, Schedules K-1 or Q.  
4. On the Tell Us About Your Schedules K-1 screen.  Click the Start/Update box next to the type of entity that issued the K-1 (S-Corps, Partnerships, Trust/Estate).
5. 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).   
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.

[Edited | 3/10/2020 |  10:38am PDT]