ChristinaS
Expert Alumni

Business & farm

The preparer of your K1 is (largely) responsible for calculating your Self-Employment income. This is done through entries in the K1 for Box 14.

Box 1 and 4 are taxable as regular income, but the SE tax can only be triggered by Box 14. If you performed services for these guaranteed payments, and your K1 has nothing or too little in Box 14, you should ask the preparer for a corrected K1.