I have a very simple LLC that I also dissolved during this past tax year and I need to generate a final K-1. I also sold all of the business assets. I have not created a K-1 before so is TurboTax for business the correct product for me and will it walk me through a simple process to create this K-1?
I have not created a K-1 before
Why not? If this is a multi-member LLC, the LLC should have filed every year it had income or expenses and issued you a K-1 each tax year it was in existence.
If this is a single-member LLC, without an election to be treated as a corporation for federal income tax purposes, then no K-1 is necessary - the LLC is treated as a disregarded entity and you would report on your Schedule C (1040).
You only need a K-1 if this is an LLC with more than one member, or you have elected to file the LLC taxes under the rules for S-corps. In that case, you need Turbotax Business to file the 1065 return. That is a separate program from the personal version of Turbotax where you will add the K-1 to your other income and deductions.
Turbotax Business is available as a download to install on your own computer.
https://turbotax.intuit.com/small-business-taxes/cd-download/
There is also an online version with Live assistance or Live Full Service but these are more expensive.
If this is a single-member LLC, you generally won't file a 1065 or have a K-1, you would file a schedule C attached to your personal tax return.
TurboTax Business (not TurboTax Home & Business) is the only TurboTax product that can be used to file a Schedule K-1 (along with the appropriate business income tax return. An S-corp would file Form 1120-S. A partnership would file Form 1065. TurboTax Business supports both.