You are required to pay yourself a salary at a reasonable wage for your services to the S-corp before you can take any distributions. Salaries are subject to social security and medicare withholding, and it is improper and illegal to avoid those taxes by calling what you take out a distribution. (It is acceptable to take your salary in a lump sum, such as quarterly or even annually, if you are waiting to see how the business does, but you must take a salary.)
If there are additional profits after paying yourself a reasonable salary, you can take that as a distribution.
A reasonable salary is what you would pay an employee to perform the same tasks and participate in the business that you did. For example, if you are running a fast food restaurant and would have to offer $70K to hire a manager off the street, then you must take a $70K salary, and you can take the other $20K as a distribution.
You really should see an accountant. Although it's running late. The penalties for not taking a salary and paying employment taxes can be severe. It's a special IRS enforcement focus.
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-a...
