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IRS.gov Website
Publication 17
taxmap/pub17/p17-067.htm#en_us_publink1000171988

S Corporation Income(p90)

For Use in Tax Year 2013
rule
In most cases, an S corporation does not pay tax on its income. Instead, the income, losses, deductions, and credits of the corporation are passed through to the shareholders based on each shareholder's pro rata share.
taxmap/pub17/p17-067.htm#en_us_publink1000171989

Schedule K-1 (Form 1120S).(p90)

For Use in Tax Year 2013
rule
An S corporation must file a return on Form 1120S, U.S. Income Tax Return for an S Corporation, and send Schedule K-1 (Form 1120S) to each shareholder. In addition, the S corporation will send each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120S) to help each shareholder report his or her share of the S corporation's income, losses, credits, and deductions.
Where Refund
Keep Schedule K-1 (Form 1120S) for your records. Do not attach it to your Form 1040, unless you are specifically required to do so.
For more information on S corporations and their shareholders, see the Instructions for Form 1120S.