"Please correct me if I am wrong."

Again, this is not a ProConnect software question. It's a tax lesson, and you need to look elsewhere, because what you get here are generalities and basics. Not the in depth give-and-take that will help you learn.

In general:

Retained Earnings are part of Equity, or "ownership position" in that the entity has this value in and of itself. That value is from the math (the Accounting Equation):

Assets = Liability + Equity

or, you can subtract Liability from both sides, and this still is the same statement:

Assets minus Liabilities = Equity

Or, what is owed stands against what is owned. I teach this lesson as, if I were to be hit by a bus, you would sell off everything I own (assets), pay off all amounts I owe (debts, liability) and the difference (equity) you can keep and party with.

"Retained earning is after tax money"

No.

Retained earnings is not Money, but value: Net Assets (the term used in not-for-profits and governmental entity accounting). Perhaps they don't have much money, but they have large shop tools, forktrucks, over the road equipment, buildings. That is reflected in Equity as the value reduced by the liability. Money is an asset. Buildings are an asset. Money in the bank might be loan proceeds. That means it's not been taxed. That's why Equity such as Retained Earnings is Value, not Money.

You likely need a class for learning basic accounting and how to read the financial reports: Income Statement (Profit and Loss report), Balance Sheet, Statement of Cash Flows. Also, operating and performance reporting would be useful.

Entities:

Sole Proprietorship, the person is their own business (even though they might also have employees). There is no separation of self from the business activity. All assets, liability, and equity belong to that person. That person can take money from the business at any time. This is an Owner. The taking is an Owner Draw. The business tax form of Schedule C is how this owner reports their business success or failure onto their 1040. "Form" 1040 is the tax return. "Schedules" such as C are attached details that flow to the 1040.

C Corp, an entity type that stands alone from the shareholders. There is no Owner. There is no Draw. No one at Ford or Microsoft or Walmart can just take money any time they want to. The shareholders get part of the success of the business as a dividend, which justifies their investment in the company. That investment is in the form of Stock shares. Just because money gets "distributed" (which is an adjective = spread out or shared), it's not a Distribution (which is a noun). The C Corp also files taxes and pays taxes and uses Form 1120. Related Schedules cover the various operations and details that corporation is involved with.

S Corp, an entity type for smaller shareholder pool, not all the different Classes of shares, and is sort of an alternative to being C Corp. There is no Dividend here. There is no Owner, so no Draw. If there is any distribution declared, all shareholders get an amount prorated to their shares held. Any shareholder working for the company is an employee; there are many rules for this as a way to avoid special treatment and avoid allowing the shareholder to shift personal costs to the business. That's why you'll see ">2%" or "10% or more" limitations and requirements. S Corp files Form 1120S. It is a pass through entity for Federal taxes, although some States now have a tax paid at the entity level.

Partnerships file a Form 1065. There is no payroll for partners. There are distributions (partner draws) pertaining to profit, and a provision for Guaranteed Payments. Things here can be inequitable, and one member/partner might be the controlling (general) partner. This entity type can elect to be treated as a Corporation. More often, they form a legal entity at the State level for risk and protection, and that is LLC, LLP, etc.

1099 is an information form. There are various types of reasons and differing limits for why the IRS wants to know about something. 1099-Div is not issued by sole proprietorship, S corp or partnership.

K-1 is the way you deal with the pass-through information, and a Sole Proprietorship has no K-1. There is no one else to notify, in other words.

This doesn't even begin to approach 501(c)(x) entities (charities and not-for-profits), or foundations, or governmental accounting, payroll, employment benefits, or details such as UBIT.

You really need to pick what you want to know, then go learn about it.