Yes, you have a choice to uncheck Box 16 on your K-1, file now and Amend later, or apply for an Extension.
Per the IRS, For 2021, eligible passthrough entities with no foreign activities or foreign partners/shareholders and without knowledge of partner or shareholder need for information on items of international relevance will not have to file the new schedules. See news story.
Click this link for more detailed info on Schedule K-2 and K-3 you may find interesting.
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