The choice is yours to make.
If you can reasonably estimate the income that will be reported on the K-1 so that you have enough information to determine whether you need to pay any taxes with the extension, then the extension would probably be the better choice. That way you are only filing your return once and a second, amended return, will not be required.
Take a look at the following information regarding filing an extension with TurboTax:
How do I file an IRS tax extension?
@M2hindman
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