The United States tax code allows certain types of entities to utilize pass-through taxation. This effectively shifts the income tax liability from the entity earning the income to those who have a beneficial interest in it. The Schedule K-1 is the form that reports the amounts that are passed through to each party that has an interest in the entity.
This TurboTax Online comparison shows that Premier and Self-Employed will support Schedule K-1 entry. Scroll down the left side to view Schedule K-1 support. You should be able to upgrade in the software.
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