It depends on the type of K-1 you received (1120S or 1065). If you received a K-1 1120S you can enter your correct basis on Form 7203 (which is on the S Corporation Basis (IRS requirement) screen in TurboTax Online). If you received a K-1 1065 you should enter your basis information on the Enter Capital Account Information screen. Both of these screens are part of the step-by-step interview for entering a K-1 in both TurboTax Online and Desktop.
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