Unfortunately I can't help there.
Have you actually filed the S corp return and will be leaving this as a loan?
If you have not filed the S corp return, then you can go back and correct the K-1 to reflect as a distribution.
If you leave as a loan, then you need to be tracking capital stock basis and debt basis separately which can get complicated. In this case, when repaying debt, you do run the risk that some of the repayment can be taxable if you use any of the debt as basis for losses.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
