K-1 forms are notoriously late to arrive. But the deadline for filing is April 18 (for 2022), so you shouldn't have any penalties accruing. The only thing I can think of would be an underpayment penalty for quarterly estimated income taxes you owed.
It's always best to wait to file until you have all your forms. If the filing deadline nears, you can file for an extension. Just know that you'll need to go ahead and make payment of federal taxes due. The extension allows you to delay filing your return, but NOT for paying taxes owed (both federal and state).
*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
