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You really should seek guidance from a local tax professional, but the salary would be reported on a W-2 and the K-1 would reflect the ordinary business income (distributions are different, and you need to learn the difference).

 

First of all, a 50/50 split for salary/distribution may (or may not) be appropriate based upon the nature of your business. For example, if your business provides a service (e.g., real estate brokerage, consulting), a reasonable salary could entail a higher percentage taken as a salary.

 

Also, the nonpayment of quarterly tax is an issue but so is the fact that you did not pay yourself a salary in the 2022 tax year. 

 

Again, you really need guidance from a local professional if this is your first year operating as an S corporation.

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