You would need to file a Schedule K-1 if you are a partner of a partnership or S-corporation and the company reports your share of earnings, losses, deductions, and credits. You would also need to file if you are a beneficiary of an estate or trust and received distributed income.
If none of the above applies to you, you can simply remove this form by following these steps:
In TurboTax online version:
1. Sign into your account, select Take me to my return
2. To your left, select Tax Tools, click on the drop-down arrow
3. Select Tools
4. Under Other helpful links, choose Delete a form
5. Scroll down the list to locate the Schedule K-1, select Delete and Continue with My Return