Does Enterprise Products Partners issue a K-1?

Yes. EPD is a publicly traded partnership (PTP). All unitholders receive a Schedule K-1 (Form 1065) instead of a 1099-DIV. EPD is the largest publicly traded midstream MLP, and its K-1 is one of the simplest — single entity, single EIN, straightforward basis tracking.

Where do I download my EPD K-1?

Download at taxpackagesupport.com/enterprise. You'll need your SSN and unit count as of December 31, 2025.

How do EPD distributions affect my cost basis?

EPD distributions reduce your cost basis dollar-for-dollar under IRC §733. With ~$2.10/unit annually and 70–90% classified as return of capital, expect net basis erosion of roughly 4–6% per year. After 5 years, your basis may be 25–35% lower than your purchase price.

What happens if I don't check the PTP box in TurboTax for my EPD 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 EPD.

What happens if I use my broker's cost basis when selling EPD?

Your broker reports your original purchase price, but the IRS expects your K-1-adjusted basis which decreases each year from distributions. Using the wrong basis underreports your gain and can trigger an IRS CP2000 notice with back taxes, interest, and possible penalties.

Can I ignore my EPD K-1 because it feels like owning a stock?

No. Despite trading on the NYSE like a stock, EPD is a publicly traded partnership. Every K-1 adjusts your cost basis. If you ignore K-1s for years and then sell, you will have no record of your IRS-adjusted basis and will need to reconstruct it from every K-1 since purchase.

Do I need to track liability changes (Item K) on my EPD K-1?

Yes. Item K at the bottom of K-1 page 1 shows your share of partnership liabilities. Increases add to your basis, decreases reduce it. Ignoring Item K means your basis calculation is wrong, which affects your taxable gain when you sell.

How do I claim the section 199A QBI deduction on my EPD K-1?

The section 199A QBI data is reported in Box 20 Codes Z and AE, but the actual amounts are on the supplemental statement attached to your K-1 — not in Box 20 itself. If you only look at the main K-1 form, you will miss the QBI deduction entirely. This deduction can reduce your effective tax rate on EPD income by up to 20%.

Enterprise Products Partners (EPD) K-1 Guide

Q: What is §751 recapture and how does it apply when I sell EPD?

EPD owns over $60 billion in depreciable physical assets. When you sell, cumulative depreciation is recaptured as ordinary income under IRC §751, taxed at up to 37%. Long-term holders should expect meaningful §751 amounts.

Yes, Enterprise Products Partners (EPD) issues a Schedule K-1 to all unitholders. EPD's 2025 K-1 tax packages became available online March 3, 2026 — download yours at taxpackagesupport.com/enterprise. EPD is the largest publicly traded midstream MLP, and its K-1 is one of the simplest among major MLPs — single entity, single EIN, straightforward basis tracking.

By Lucas Andersen — Last updated March 6, 2026

Your broker shows your EPD purchase price. After years of distributions, your real basis is much lower — and the gap means a bigger tax bill when you sell. → Track your EPD basis free

2025 K-1 Release Date

Enterprise Products Partners released 2025 K-1 tax packages online on March 3, 2026. Download at taxpackagesupport.com/enterprise. Hard copies are mailed in the weeks following.

What Is Enterprise Products Partners?

EPD is the largest publicly traded midstream MLP by enterprise value, with over $70 billion in assets across NGL pipelines, fractionation plants, storage, crude oil systems, natural gas pipelines, and petrochemical infrastructure. Single PTP entity — simpler than Energy Transfer’s three-entity structure. 27+ consecutive years of distribution increases with a ~1.8x coverage ratio.

EPD Distribution Profile and Basis Erosion

EPD distributions (~$2.10/unit annual) are heavily ROC-weighted (70–90% return of capital), meaning most cash received reduces your cost basis rather than creating immediate tax liability. Net basis erosion of roughly 4–6% of original cost per year. Long-term holders (7–10+ years) may have 40–60% basis erosion.

Basis Erosion Worked Example

500 units at $26 = $13,000. After 5 years of distributions (~$1,020–$1,050/year net erosion), approximate basis is ~$9,200 — a 29% gap. Broker still shows $13,000. If you sell at $31/unit ($15,500), broker reports $2,500 gain but IRS expects $6,300 gain — and part is §751 ordinary income.

TurboTax Entry for EPD

EPD requires one K-1 entry (not three like ET). Navigate to Federal > Income > Schedule K-1, select Partnership, check “Publicly Traded Partnership.” Enter EPD’s EIN from Part I Box A, then Box 1 (income/loss), Box 19A (distributions), Item K (liabilities), and Box 20 Codes Z and AE (§199A QBI).

§751 Recapture Exposure

EPD owns $60B+ in depreciable assets. Upon sale, cumulative depreciation is recaptured as ordinary income under §751 (up to 37% rate). Long-term holders face both a larger gain than expected (K-1 basis vs broker basis) and worse tax treatment on the §751 portion. For a full walkthrough of how §751 works, see our §751 Recapture deep dive.

State Filing Considerations

EPD operates primarily along the Gulf Coast — Texas (no income tax), Louisiana, New Mexico, Colorado, Wyoming. Most small unitholders file in their home state plus 0–3 additional states. Sale year expands state filing requirements significantly. See our complete MLP State Filing Requirements guide.

Common EPD K-1 Mistakes

Not checking “Publicly Traded Partnership” in TurboTax
Using broker basis instead of K-1-adjusted basis when selling
Ignoring the K-1 because EPD “feels like a stock”
Not tracking liability changes (Item K)
Missing the §199A QBI deduction (Box 20 Codes Z and AE)