You only enter the K-1. You only need Premier version to enter a K-1. You can try to downgrade but you have to clear and start over
https://ttlc.intuit.com/community/downgrading/help/can-i-downgrade-to-a-lower-priced-version-of-turb...
If you received a Schedule K-1 and need to enter it in TurboTax, using the search bar in your TurboTax program, type in k1 or k-1 (small k) and click Find. This should give you a Jump To link to go directly to it.
OR
To enter a K-1 go to
Federal on left or at top
Wages and Income
Then scroll way down to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
