I am the author of this question - and just got off the phone with the tax specialist at my partnership. He explained to me that I can uncheck Box 16 on the K-1 entry screen and ignore my K-3 because I don't meet the criteria required to report the info that is pulled from the K-3 to populate Form 8993 (which is what Part IV of the K-3 is all about). If you have no source of foreign income/your partnership is a US-based entity ONLY, and you are in the quandary that I was in prior to learning what I just did, you probably can do the same, but I am no expert so I suggest consulting IRS Form 8993 Instructions for more info and also contact your partnership for clarification.
