Yes, you have report the income listed on your form K-1 on your personal tax return. Form K-1 reports your share of profits or losses in the partnership, LLC or S-corp.
If your share on the form K-1 is a profit, you have to pay taxes on it even if the profits have not yet been distributed.
On the other hand, when the profits are distributed, you do not pay taxes as they were already taxed.
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