If I don’t have anything foreign on my individual return, can I go ahead and file without waiting to receive the Schedules K-1 and K-3?

We don’t advise this. You must sign your tax return under penalties of perjury to attest that the return is complete and accurate to the best of your knowledge. Signing under false pretenses constitutes fraud and can subject you to penalties and prison time. Filing a return without waiting on the Schedules K-1 and K-3 may make it hard to argue that your return was complete and accurate.

In addition, failure to incorporate information from the new Schedule K-3 carries a $10,000 penalty to you.