You should have your instrumental MP3 file ready to go.
Download SYLT Editor from https://www.compuphase.com/software_sylteditor.htm. and install the program. Open the MP3 file. You will see a window that says "This track has no ID3 Tag" Click OK and continue. Click Edit, Verify SYLT Table. Use the second column to enter your lyrics, leave the first column blank. Press {Enter} for each new line of lyric. Once you have entered all the lyrics, play the MP3 file. Press the {spacebar} when each new lyric line should start with the music until all the lyrics have a timestamp. Choose: File, Export SYLT to LRC and enter a file name. Note that even though this program claims to embed the lyrics with the MP3 file (if you save it), I found that it only brought in the first two lines.
Now you can load the MP3 into the Korg player and click on lyrics - worked like a charm for me

BUT.. check out my post below for an even better free product.