I have a S-corp and received K-1 for 2009 for about 25k. This is the first year our S-corp made a profit. I actively participated in the business, but did not take any wages or distribution in 2009. I want to report K-1 distribution as self employed income on schedule C (Form 1040) for 2009 return and pay SE tax. Is it OK? From Jan 2010, I am getting wages from our S-corp.