I still have only draft version of K1, so I assume my best option is to file return with what I have available, and then file an amendment once K1 is complete, correct?

[libor]

The K-1 is not going to be complete any time soon and today is October 14

[Anonymous]

many pro's would file. then when the actual K-1 come in they would do a recalculation to see if there is a change in the taxes and if significant enough for them to recommend to the client filing an amended return.

if you don't owe there is no penalty for filing late. however, should that correct k-1 result in a tax liability or the IRS changes something in your return that results in a tax liability you face a late filing penalty of 4.5% a month for a max of 5 months + a .5% penalty for each month the payment is late + interest.   if you file by 10/15/2020 unless there is a substantial understatement all you would face is the.5% late payment penalty + interest.  it's up to you to decide.  

[libor]

Thanks fro the answer. From what I was told the draft "should be" on the "pessimistic" side i.e. it is more probable I will end up owing less at the end. If it turns out that way, I may leave few $ to IRS and not even bother with the amended return. And if it turns out that I actually owe few $, I have to file amendment and pay it with the additional interest.