Hi Thank you for your response. Yes, i do not have basis in the partnership (it is negative). I do see that the loss on the partnership is being limited and not deductible on my taxes instead the loss is being carry forward. So, the guarantee payment of $55k and the loss will actually reduce or offset box 14 net self employment? just want to confirm because I read that guarantee payments are subject to Self Employment tax but i did not know a loss on the partnership can reduce the guarantee payment subject to SE tax.
