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Tax Information

Tax Information

Post-Conversion (After January 1, 2020)

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:

 
2020 DISTRIBUTION TREATMENT JANUARY 2021 ESTIMATE AUGUST 2021 FINAL VARIANCE
RETURN OF CAPITAL 42% 72% 30%
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

 

2019 and 2020 Schedule K-1s

2019 Schedule K-1 Tax Packages were made available online and mailed in late March 2020 for The Carlyle Group L.P.'s Common and Series A Preferred Unitholders.  The 2019 Schedule K-1 Tax Package for Common Unitholders who held units at the close of trading on December 31, 2019 will also include a final 2020 Schedule K-1 for the period beginning January 1, 2020 and ending at the time of the conversion on January 1, 2020.  Please click the link below to access your final Schedule K-1 Tax Package on Carlyle's Tax Package Support website. 
 

Tax Package Support

Partner GILTI Notification Pursuant to Notice 2019-46

For assistance related to the Tax Package Support website, or if you have questions about your Schedule K-1, please contact Carlyle's Tax Package Support Service using one of the following methods:

Phone: (855) 886-9762 (Within US)
Phone: (972) 248-5396 or (800) 854-9346 (Outside US)

Mail: The Carlyle Group Inc. (f/k/a The Carlyle Group L.P.) 
Attn: Tax Package Support
PO Box 799060
Dallas, TX 75379-9060

 

Tax FAQs

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

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

 

Prior Year Schedule K-1s

To obtain a copy of your Schedule K-1 Tax Package for the 2018 tax year, please access Carlyle's Tax Package Support website or contact Carlyle's Tax Package Support Service at (855) 886-9762.