Get your taxes done using TurboTax

You have to file your personal income tax return (Form 1040), of course, but the S corporation must file Form 1120-S and issue you a K-1.

 

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e292

 

Note that there is difference between "distributions" and "net income". If you are not conversant with these terms, you really need to consult with a tax professional in your area.

 

See https://taxexperts.naea.org/listing/service/corporations