Since Schedule K-1 Box 16 indicates that Schedule K-3 should have been included, it's unlikely the IRS would reject a return because the box wasn't checked. Schedule K-3 is used by partners with foreign income, which tends to be in the minority.
Ultimately, the taxpayer needs to decide if the income from Schedule K-1 has sufficient impact on their taxable income that they wish to report now. Also, if there would be no impact from the information on Schedule K-3 (no foreign income/taxes), waiting would not change the outcome.
@Ciao4
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