K-1 and K3 Tax Information for NuStar Energy LP Investors
The 2024 tax packages for NS are now available online and were mailed out on March 10.
On May 3, 2024, Sunoco LP (NYSE: SUN) and NuStar Energy L.P. (NYSE: NS) completed their previously announced merger, in which SUN acquired NS. Effective with the opening of the market on May 3, 2024, NS ceased to be a publicly traded company and its common stock and preferred units, previously listed on the NYSE under the ticker symbols “NS”, “NS.prA”, “NS.prB”, “NS.prC” and “NS.prD”, respectively, discontinued trading.
Read the closing release for more details: https://www.sunocolp.com/press-release/item/sunoco-lp-completes-acquisition-of-nustar-energy-l.p.-announces-a-4-increase-in-quarterly-distribution-2024
For the tax year 2024, former NS unitholders that held NS units in 2024, but sold prior to the merger with SUN are expected to receive a NS Schedule K-1 for the period from January 1, 2024 through May 2, 2024.
For the tax year 2024, former NS unitholders that received SUN units in 2024 via the SUN/NS merger are expected to receive two tax packages – one for NS for the period from January 1, 2024 through May 2, 2024, as well as one for SUN for the period from May 3, 2024 through December 31, 2024. For tax basis information related to the SUN/NS merger or form 8937: Tax Information Related to Mergers, Acquisitions & Exchange Offers - Sunoco LP.
See below to access K-1 and K-3 tax packages for 2022 and 2023, as well as 2024 K-1 tax packages.
Please note, if needed, 2024 Schedule K-3s are now available online.
Click here for NuStar Energy LP Common Unit K-1 tax information
If you need to make any changes or corrections to your K-1, please call Tax Package Support at the number below.
SUN Common Units NS Common Units
1-844-289-8131 1-800-310-6595
Information Related to the Electronic Delivery of K-1s
Sunoco is offering former NuStar unitholders the option to sign up for electronic delivery of their NS K-1s. The paperless K-1 election can be made online at the links shown above.
If you elect electronic delivery of your NS K-1s, you will cease to receive a copy in the mail. Instead, an email notification will be sent to you when your NS K-1 is available online.
Your K-1 Tax Package will include the following:
- Schedule K-1 (Form 1065)
- State Schedule
- Ownership Schedule
- Sales Schedule (only if units were sold in 2024)
- Schedule K-1 Supplemental Information
- Individualized Income Tax Reporting Package Instructions
- Partner’s Instructions for Schedule K-1 (Form 1065)
Please contract the respective K-1 Tax Package Support Center to assist in the following:
- Obtain copies of missing or lost K-1’s for the current and two previous tax years (Please be aware that the K-1 Tax Package Support Center does not have access to older K-1 information)
- Correct errors or omissions in your ownership history
- Correct your account information including name, address, or type of account. Please contact your broker to update and make the changes as well.
- Accessing K-1s online (if having trouble doing so)
Qualified Notice
We are required to provide qualified notice to brokers and nominees that hold NuStar units on behalf of non-U.S. investors under Treasury Regulation Sections 1.1446-4(b) and (d) and 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100.0%) of NuStar’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NuStar’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not NuStar, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.
Separately, for the purposes of withholding on sales transactions by non-U.S. investors under Treasury Regulation Section 1.1446(f)-4(a)(2), brokers should treat one hundred percent (100%) of the proceeds attributable to the sale of Partnership units as being attributable to a U.S. trade or business.
