You can use either option. Many choose to uncheck box 16 because they have not received a K-3 and do not know if one will be issued. Or the K-3 has incorrectly reported US income instead of foreign income. Instead of waiting to see if a K-3 is issued, you can uncheck the box and file the return. If a K-3 is received at a later date, an amended return will have to be filed.
If you have all your tax documents and the K-3 has been issued and is correctly reporting foreign income, you will need to file the return by mail with form 8082 attached.
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