CNXM Tax and K-1 Information
CNX Midstream LP Schedule K-1 (Form 1065) 2020 tax packages will be mailed to unitholders during the second week of March. Unitholders who need copies of their 2020 or prior years K-1s, or who need to report corrections to their ownership schedules, address changes, or other K-1 related information should contact:
CNX Midstream Partners LP
Tax Package Support
PO Box 799060
Dallas, TX 75379
Phone: (844) 289-8134
Fax: (866) 554-3842
The Schedule K-1 tax package is also available on-line at https://www.taxpackagesupport.com/CNXM. This site allows investors to retrieve their K-1 tax information for printing or downloading into TurboTax.
Partnership Characteristics
As a publicly traded partnership, CNX Midstream Partners LP 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 CNX Midstream to distribute to investors a greater percentage of cash generated by the business.
