An LLC with multiple members is treated as a partnership for tax purposes (unless the LLC has filed an election with the IRS to be treated as a corporation). The LLC has to file its own partnership tax return, Form 1065, separate from your personal Form 1040 tax return. Part of the partnership tax return is a Schedule K-1 for each partner. Each partner gets a copy of his or her Schedule K-1.
To prepare the Form 1065 partnership return for the LLC you have to use TurboTax Business (which is not the same as TurboTax Home & Business). TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.
TurboTax Business
TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1065 partnership return, so you need two separate TurboTax products for your situation.
The tag below your question indicates that you are using TurboTax Online. If that is correct, you need Premier or higher to be able to enter the Schedule K-1 in your personal Form 1040 tax return.
Since this is apparently the first time that you are filing a tax return for the LLC, you might benefit from consulting a local tax professional to make sure that you get all the details right.
