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K12 text format is not some special file format that supports all packet encapsulations handled by Wireshark. (There is no single format that handles them all.) It's a very specific format that's used as the text file output for some Tektronix network monitoring equipment.
In particular, it does not support the encapsulation format used by captures on the "loopback device" on BSD operating systems and macOS. You cannot save a loopback device capture from those OSes in K12 text format.
If what you're really trying to do is get a text format dump, you could use the "As Plain Text..." submenu of the "Export Packet Dissections" menu item of the "File" menu. The "Packet Format" lets you control what sort of dump you get. You can get the summary line for the packet by checking the "Summary line" box. You can get the detailed dissection of the packet by checking the "Details:" box, and control whether to show all the detail lines or to collapse them with the three items under that box. And you can get the raw hex and text form of the data by checking the "Bytes" box.