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K-1 Tax package

For Tax support information visit taxpackagesupport.com.

Frequently Asked Questions

What is a Schedule K-1?

The Schedule K-1 is the tax form required to report a unitholder’s share of a partnership’s income, deductions, credits and other items. You will use Schedule K-1 rather than Form 1099 to report your partnership share of SXCP’s tax items.

When can I expect to receive my Schedule K-1? Why doesn’t it come at the same time as Form 1099?

The U.S. tax code requires a Schedule K-1 be provided to unitholders by April 15, which is different than the deadline for providing Form 1099. The reason for this timing is the partnership must gather information on all the units bought and sold by unitholders throughout the year from stock brokers and other financial institutions to prepare the Schedule K-1. Much of this information is not available to us until late January. Our goal is to review and process this information promptly in order to prepare and send the Schedule K-1 to unitholders in mid-March 2017.

How do I get a Schedule K-1?

Early each year, every unitholder will be sent a tax-reporting package. This tax-reporting package will include a Schedule K-1 and other materials. Unitholders will also be able to access their K-1 and other materials online when available. You can access your Schedule K-1 online and obtain answers for many common questions via our online tax package support center.

Please consult your tax advisor regarding how to report and file your tax returns concerning your income from SXCP.

Where can I get more information about my Schedule K-1?

Please see our online tax package support center for more information and to obtain answers for many common questions.

Should I report the cash I received as my taxable income?

No, please refer to your Schedule K-1 to identify your taxable income.

Under partnership tax regulations, only a portion of the cash you received during the year is considered taxable income. This amount represents your pro-rata share of income earned by SXCP based on the number of units you owned during the year. You are required to include this in your individual income tax return. Your total cash distributions received during the year is different than the amount of taxable income primarily due to depreciation and other non-cash items that affect net income.

Please consult your tax advisor regarding how to report and file your tax returns concerning your income from SXCP.

I sold my units. Why was a Schedule K-1 sent?

If you owned common units at any time during the tax year, you will receive a schedule K-1. The Schedule K-1 is the tax form required to report a unitholder’s share of a partnership’s tax items. If you believe you have received a Schedule K-1 in error, please contact our Tax Package Support Center.

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