You include a Schedule K-1 to show the allocation of all the income of the S corporation to each shareholder. You do NOT include distributions of income to each shareholder on a K-1.
I highly recommend that you seek outside competent tax advisors to help you through this.
You include a Schedule K-1 to show the allocation of all the income of the S corporation to each shareholder. You do NOT include distributions of income to each shareholder on a K-1.
I highly recommend that you seek outside competent tax advisors to help you through this.
Distributions are shown on the K-1 (box 16), but I agree, you should seek a tax professional for assistance. Unless you REALLY know how to operate a corporation, it is easy to make mistakes that can easily cost you thousands of dollars.
This question was answered in your other posting of a similar question.