Do I really need the Premier Product to submit a Schedule D if the sale of my primary home only had $168k net profit? Turbotax says I need to upgrade to Premier

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

• So simply because I did indeed get a 1099-S I have to submit a Schedule D despite being below the exclusion amount? The gross proceeds only reflect the sales price and don't even take into account the existing loan amount, commission paid to realtor, etc. 

The IRS also received the Form 1099-S and expects to see the gain or loss on the sale to be reported on a Schedule D and a Form 8949.