Why did I receive three K-1s from Energy Transfer?

Energy Transfer LP owns controlling interests in USA Compression Partners (USAC) and Sunoco LP (SUN). The IRS treats each as a separate PTP under §469(k), requiring separate K-1 entries, separate basis tracking, and separate passive activity calculations.

When is the ET K-1 available for the 2025 tax year?

Energy Transfer has confirmed that 2025 K-1 tax packages will be available online at taxpackagesupport.com/et starting March 16, 2026. Mailed packages follow between March 18–31, 2026.

Where do I download my ET K-1?

Download at taxpackagesupport.com/et. Phone support: 800-617-7736. Register before the release date for email notification.

How do I enter ET's three K-1s in TurboTax?

Create three separate K-1 entries — one per entity, each with its own EIN. Check "Publicly Traded Partnership" for each. Enter Box 1, Box 19A, Item K, and Box 20 codes Z and AE per entity.

Which states do I need to file taxes in because I own ET?

Energy Transfer operates in approximately 44 states. Most retail investors fall below filing thresholds in all but a few states. Focus on your home state, any state with allocated income above $1,000, and the year you sell.

What happens if I only enter one K-1 instead of three for Energy Transfer?

Your tax return will be wrong. ET's K-1 package contains three separate partnerships (ET, USAC, SUN), each with its own EIN. The IRS receives all three K-1s and will flag a return that only reports one. You must create three separate K-1 entries in TurboTax or your tax software.

Can I combine the totals from my three ET K-1s into one entry?

No. Each of ET's three sub-entities (ET, USAC, SUN) is a separate PTP under IRC section 469(k). Losses from one cannot offset income from another. You must enter each K-1 separately with its own EIN, Box 1, Box 19A, Item K, and Box 20 amounts.

How do I handle liability figures for ET's three K-1s?

Each sub-entity has its own Item K liability figures. Do not mix up or combine liability amounts between ET, USAC, and SUN. Enter each entity's beginning and ending liabilities from its own K-1. Incorrect liability entries will cause your basis calculation to be wrong.

What happens if I don't check the PTP box in TurboTax for my ET K-1?

TurboTax will treat the K-1 as a general partnership instead of a publicly traded partnership. This changes how losses are handled under passive activity rules, may affect your section 199A QBI deduction, and can cause errors when you sell. Always check "Publicly Traded Partnership" for each of ET's three K-1 entries.

Energy Transfer (ET) K-1 Guide

Q: Does Energy Transfer issue a K-1?

Yes. Energy Transfer LP is a publicly traded partnership. Your K-1 package contains three separate partnerships: ET, USAC, and SUN. Each has its own EIN and requires a separate K-1 entry in your tax software.

Q: Do I need to adjust my ET basis for the ETE/ETP, ENBL, or CEQP mergers?

Yes, if you acquired ET units through the ETE/ETP merger (Oct 2018), Enable Midstream (ENBL) merger (Dec 2021), or Crestwood (CEQP) merger (Nov 2023), your initial basis differs from a market purchase. Check Form 8937 on ET's investor relations page for the exchange ratio and tax treatment.

Yes, Energy Transfer (ET) issues a K-1 — but your K-1 package actually contains THREE separate partnerships: ET, USAC, and SUN. Each has its own EIN and its own basis calculation. If you only enter one K-1 in your tax software, your return is wrong. ET's 2025 K-1 is expected online March 16, 2026.

By Lucas Andersen — Last updated March 6, 2026

ET’s three-entity structure means three separate basis calculations. Your broker tracks none of them correctly. → Calculate your real ET/USAC/SUN basis free

2025 K-1 Release Date

Energy Transfer has confirmed that 2025 K-1 tax packages will be available online starting March 16, 2026. Mailed packages follow between March 18–31, 2026. Access your K-1 at taxpackagesupport.com/et or call 800-617-7736.

One Ticker, Three Partnerships — And Why It Matters

When you buy ET, you own interests in three separate PTPs: Energy Transfer LP (parent, ~85–90% of basis allocation), USA Compression Partners (USAC), and Sunoco LP (SUN). Each has a separate K-1, a separate EIN, and a separate basis calculation. Under §469(k), losses from one entity cannot offset income from another — they are separate passive activity “canisters” for tax purposes.

We now have dedicated guides for each of ET’s sub-entities:

→ Sunoco LP (SUN) K-1 Guide — the fuel distribution arm
→ USA Compression Partners (USAC) K-1 Guide — the compression services arm
Each has its own basis erosion profile and state filing implications.

How to Enter ET K-1 in TurboTax

Create three separate K-1 entries in your tax software — one per entity, each with its own EIN from Part I, Box A. Check “Publicly Traded Partnership” for each. Enter Box 1 (ordinary income/loss), Box 19A (distributions), Item K (liabilities), and Box 20 codes Z and AE (§199A QBI) per entity.

How ET Distributions Affect Your Basis — Worked Example

Example: 200 units at $14.50 = $2,900 total. After initial allocation (ET ~$2,552, USAC ~$203, SUN ~$145) and three years of distributions (~$1.27–$1.29/unit/year), combined ending basis drops to approximately $1,920 — 66% of purchase price. Your broker still shows $2,900. That $980 gap means underreported gain if you sell.

§751 Recapture Exposure

Energy Transfer owns massive physical infrastructure across all three entities. The depreciation creates §751 exposure. Upon sale, cumulative depreciation is recaptured as ordinary income taxed up to 37%. Long-term ET holders should expect meaningful §751 amounts. For a full walkthrough of how §751 works, see our §751 Recapture deep dive.

ET-Specific State Filing Considerations

ET operates in approximately 44 states. Focus on your home state plus any state with allocated income above $1,000. Louisiana, Pennsylvania, and Oklahoma have low thresholds. Texas has no income tax but a franchise tax that’s irrelevant for individual unitholders. ET offers composite returns in some states. The year you sell is critical — disposition gains push more states above filing thresholds. See our complete MLP State Filing Requirements guide.

ET Merger History

If you acquired ET units through the ETE/ETP merger (Oct 2018), Enable Midstream (ENBL) merger (Dec 2021), or Crestwood (CEQP) merger (Nov 2023), your initial basis differs from a market purchase. Check Form 8937 on ET’s investor relations page for the exchange ratio and tax treatment.

Common ET K-1 Mistakes to Avoid

Entering only one K-1 instead of three
Using combined totals instead of per-entity breakdowns
Mixing up liability figures between entities
Not adjusting for mergers (ETE/ETP, ENBL, CEQP)
Forgetting to check “Publicly Traded Partnership” in TurboTax