Business & farm

They should be entered separately.  The 1041 K1 is issued if you are the beneficiary of a simple or irrevocable trust.   The amounts on the 1041 K1 represent your share of the income from the trust, based on distributions received.  This should be entered in the K1 entry section of TurboTax.

The Grantor tax information letter should be entered into TurboTax just like a 1099.  The owner of a grantor trust is the owner of the assets of the trust.  Therefore all income and expenses incurred by the trust are reported separately on the Grantor's personal tax return.  So, interest would be entered in the interest area of TurboTax with the Grantor Trust as payor.  Same with dividends in the dividends section and capital gains and losses in the capital gains and loss section of TurboTax.