You should only enter the K-1 form from the S corporation on your personal tax return, as is summarizes your income from the business.
If you take a distribution from the business, you should treat that as wages and report it on a W-2 form. You should pay in FICA and Medicare taxes on it and also withhold federal and state income taxes. Since you are filing as a corporation, you are required to pay yourself a reasonable salary, just as would happen if you were an employee of another business. The wages would be deducted on the S corporation return. You would enter the wages and net income of the business on your personal tax return, as a K-1 and W-2 entry.
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