Multimember LLC- Schedule K (Form 1065) Net rental income and distribution of cash

[narendran-kandas]

1. If I distributed the net income to the LLC members (according to their share) do I need to report those distributions in Schedule K Partners’ Distributive Share Items (Form 1065)
2. For 2020 tax year, I will be distributing the net income in 2021. Should the distribution reported for tax year 2020 or 2021?

Thank you in advance for educating me. 

[MinhT1]

1. Yes. The distributions to each member are reported on their respective Schedules K-1 in box 19. The distributions are not taxed as the profits had already been taxed.

2. The amounts distributed in 2021 (of 2020 net income) will be reported on the 2021 Schedules K-1.