Partnership Tax & K-1 Info
Schedule K-1 Tax Information
Buckeye Partners, L.P. Schedule K-1 (Form 1065) tax packages are typically mailed during the second week of March. Unitholders who need copies of their K-1, or who need to report corrections to their ownership schedules, address changes, or other K-1 related information should contact:
Buckeye K-1 Support
PO Box 799060
Dallas, TX 75379
The Schedule K-1 tax package is available on-line at https://www.taxpackagesupport.com/buckeye. This site allows investors to retrieve their K-1 tax information for printing or downloading into TurboTax.
As a publicly traded partnership, Buckeye Partners, L.P. differs in several ways from stock corporations:
A partner in a publicly traded partnership owns units of the partnership rather than shares of stock and receives cash distributions rather than dividends. The cash distributions are not taxable as long as the partner's tax basis in the partnership exceeds zero.
Generally, a corporation is subject to federal and state income taxes but a partnership is not. All of the income, gains, losses and deductions of a partnership are passed through to its partners who are required to show their allocated share of these amounts on their personal income tax returns.
While a holder of corporate stock receives a Form 1099 each year detailing required tax data, a unitholder of a partnership receives a tax reporting package including substitute Schedule K-1 and other forms to file with their income tax return. This tax reporting package shows a partner's allocable share of the partnership's income, gains, losses and deductions.
Compared to a corporate form of organization, the partnership form enables Buckeye to distribute to investors a greater percentage of cash generated by the business.