The way you use tax estimates is up to you and your tax advisor.
Most investors take one of two approaches:
Option 1: Use the taxable income estimates to make estimated tax payments prior to filing a final tax return.
Option 2: Use the estimate in place of the actual K-1 and include that in filing a tax return. If the final K-1 received is materially different from the estimate, investors typically either amend the filed return or include the difference in the following year’s tax return.