The K-3 is used to report foreign income. If you know you will not receive foreign income or do not feel the K-3 applies to you, you can uncheck box 16. However, if you receive a K-3 later with foreign income, you must amend your return to include the income. If you are receiving the K-3 with foreign income, you should file for an extension and file the return once the K-3 is received. Remember that an extension gives additional time to file but not to pay your taxes. If you know a balance will be due, you must make an estimated payment to cover the tax to avoid penalties for not pre-paying tax.
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