Can I use Guaranteed Income on K-1 Line-4 as Self Employment income on K-1 Line-14 for the purpose of EIC while filing return. I am non/disinterested managing member/officer of LLC with 0% profit/loss/capital liability and I am getting this income for rendering admin/managerial services to the LLC just like an employee, because employer doesn't want to put me on W-2 status due to get rid from his part of tax liability.
I found as follows from somewhere, is it applicable?
•LLC members are compensated using either distributions of profit or guaranteed payments.Guaranteed payments represent earned income to the members, thereby qualifying them to enjoy the benefits of tax-favored fringe benefits.
I would appriciate advise from anybody.
Thanks
I found as follows from somewhere, is it applicable?
•LLC members are compensated using either distributions of profit or guaranteed payments.Guaranteed payments represent earned income to the members, thereby qualifying them to enjoy the benefits of tax-favored fringe benefits.
I would appriciate advise from anybody.
Thanks
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