I have received a schedule K-1 from an investment using my solo 401K funds. In this schedule K-1, on line I1, the form indicates IRA and on I2 it is checked to indicate this is from a retirement plan. Do I need to enter this into Turbotax business under the section schedule K-1? If yes, how do I indicate this is related to an IRA/retirement plan?
No, that form would report income to the 401-K plan. That would not be taxable until a distribution was made to the beneficiary of the plan, in which case it would be entered on a Form 1099-R. That form would be used to report the pension plan distribution on the individual tax return of the recipient.
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