k-1 Compensation and Deferrals

[Guest Max Power]

Reportable compensation is used in determining 401(k) deferrals.

For corporations, it is W-2 compensation. S-Corp. distributions are not includable.

For partners in a partnership, it is K-1 earned income. Unearned income (such as interest, dividends, royalties, etc.) are not includable.

For a sole proprietor, it is Schedule C income.

My question involves payments, (to an LLC), that are due on a quarterly basis but are not actually paid (due to exigencies of business anticipated by all parties to the contract) until year's end. These payments are guaranteed and part of the K-1 earned income. My question is, can these guaranteed payment amounts be used as compensation basis for 401(k) deferrals throughout the calendar year or must the LLC partners base there deferrals on the k-1 compensation when it's actually paid at yearend?