If you are planning to file by mail before receiving Schedule K-3, it won't matter if you uncheck Box 16. However, TurboTax may present a form error during Final Review because you didn't complete the K-3 interview. This only affects an e-filed return.
If you aren't comfortable leaving Box 16 unchecked, then your best option is to request an extension of time to file. You must still pay any taxes due by the original date of filing (April 15, 2025, for a 2024 return). If you're expecting a refund, it would be delayed until after you actually file your return.
Yes, you may be subject to penalties and interest if you fail to file by the deadline and have not requested an extension.
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