TurboTax provides several boxes for the most common descriptions used with Code Z, and a few blank lines for you to enter a custom description (see screenshot below - click to enlarge).
Note, however, certain items (generally labeled "Other") on your K-1 may need to be entered in several different places in TurboTax. Consult the instructions that were included with your Schedule K-1. These should tell you the form and line where the amount should be entered, then, follow these instructions:
Enter the form number or name of item in the search field in the TurboTax header. You will then be presented with a list of topics that address this form. Select the topic that best matches the description given in your K-1, and then let TurboTax guide you the rest of the way.
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