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Tax Information

Tax Information

Post-Conversion (After January 1, 2020)

2021 and onward - Dividend Reporting

Carlyle currently expects that all distributions made after tax year 2020 will be paid out of current earnings and profits (E&P) and will therefore be treated for tax purposes as Qualifying Dividends. To the extent that any portion is expected to be treated as return of capital, a Form 8937 will be posted to the website under “Dividend History”. The brokerage firm you use to hold your CG stock will provide annual tax documentation to you, including the tax treatment of the distributions made and details on shares sold during the respective tax year, if applicable.  To the extent you are a non-US shareholder, withholding may also be completed on your behalf by your broker and reported to you.  Please consult your tax advisor to discuss any questions you may have related to the tax reporting of your CG shares.

2020 Dividend Reporting

On August 13, 2021, Carlyle completed its analysis related to 2020 earnings and profits (E&P), which changed from the estimate provided on January 15, 2021.  As noted on the Forms 8937 posted to the shareholder website in January, Carlyle’s distributions and the determination of the tax character were based on the most current estimates of E&P available at that time.  According to Internal Revenue Code Sections 301(c) and 316(c), distributions are treated as a taxable dividend to the extent there is current and accumulated E&P. Distributions in excess of E&P are treated as nontaxable return of capital and are applied against and reduce the adjusted basis of the stock.  As a result of final 2020 tax compliance, current E&P calculations are resulting in the following changes in tax reporting:

DIVIDEND 58% 28% -30%

As an example of the above, for each share of CG stock owned in 2020, a total distribution of $1 was made ($0.25 per quarter).  In January, it was determined that 58% or $0.58 of that $1 was taxable as a qualified dividend for US tax purposes.  Based on current results, the taxable qualified dividend has been reduced to 28% or $0.28 of the $1 of distribution paid per share.

It is our understanding that depending on the brokerage firm you use to hold your CG stock, you may or may not receive corrected 2020 Form 1099-DIV’s.  If you are a non-US shareholder, depending on your tax situation, your broker may have withheld on your distribution and remitted withholding to the IRS based on prior estimated results. This income and withholding should have been reported to you on a Form 1042-S.  Your broker will determine whether to issue amended 1042-S forms at this time.  Please reach out to your broker directly regarding any questions you may have regarding your 2020 tax documentation or the timing for providing corrected forms.  You should discuss the impact of this change on your 2020 tax reporting with your tax advisor.


Conversion and Pre-Conversion (January 1, 2020 and prior)

The Carlyle Group L.P. completed its conversion from a publicly traded partnership to a corporation named The Carlyle Group Inc. (referred to as "CG" before and after the conversion) on January 1, 2020. In addition, on October 7, 2019, CG redeemed all outstanding 5.875% Series A Preferred Units. The Schedule K-1s that CG previously issued as a limited partnership will not be issued for any period after the conversion, rather, dividends declared and paid will be reported on Form 1099-DIV or 1042-S (as applicable).

IRS Forms 8937 Related to the Conversion


Tax FAQs

Frequently Asked Questions – The Carlyle Group L.P. (Partnership Tax Treatment)

Frequently Asked Questions – The Carlyle Group Inc. (Corporate Tax Treatment)


Schedule K‐1s for Pre‐Conversion Tax Years

To obtain a copy of your Schedule K-1 Tax Package for The Carlyle Group L.P.'s Common and Series A Preferred Unitholders for a Pre-Conversion tax year, please contact