You have the option to 1) uncheck box 16, e-file your return now, and amend later if necessary or 2) request an extension of time to file. Any taxes you owe must be paid by the filing deadline, however.
Schedule K-3 is a tracking tool for the IRS that reports foreign income, which is already included in other boxes on the K-1. The calculations on this form can result in deduction limitations. But unless this is a foreign investment with significant foreign activity, whatever information is missing by not having Schedule K-3 should not greatly influence the taxes due on your return. Apparently you discovered this was true last year.
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