Hi synaps! I understand the frustration with late K-1s. You have a few options.
The most important thing is that you make sure you have paid any tax obligation by April 15. I know this can be complicated if you haven't received all of your information yet (i.e. the k-1s), but you can estimate based on previous years. Any late filing penalties and interest are calculated based on the your unpaid liability, so if you have no amount due, there is nothing to calculate the penalties on.
You could file without the K-1s and then amend once you receive them, but this complicates the tax payment issue as the IRS will not know you owe more until you amend and then you will be assessed penalties on that amount.
The best scenario for most people in this situation is to file an extension every year, which extends your filing due date to Oct. 15. When you file the extension, you can make an estimated payment to cover any tax liability you think you will have. You may need to pay a little extra just to be sure. You can prep your return with all of the information you have and then hopefully your K-1s will arrive by Oct 15 so you can add them and file. As long as you have no balance due and file by Oct 15, there are no late filing penalties.
I hope that helps!
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