Optical time and frequency transfer offers extremely high precision wireless synchronization across multiple platforms for untethered distributed systems. While large apertures provide antenna gain for wireless systems which leads to robust link budgets and operation over increased distance, turbulence disrupts the beam and limits the full realization of the antenna gain. Adaptive optics can correct for phase distortions due to turbulence which potentially increases the total gain of the aperture to that for diffraction-limited operation. Here, we explore the use of adaptive optics terminals for free-space time and frequency transfer. We find that the requirement of reciprocity in a two-way time and frequency transfer link is maintained during the phase compensation of adaptive optics, and that the enhanced link budget due to aperture gain allows for potential system operation over ranges of at least tens of kilometers.