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If youre a bona fide resident of Puerto Rico, you generally arent required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
What is Puerto Rico form 482?
A Puerto Rico tax return reporting (Form 482) only your income from Puerto Rico. Wages for services performed in Puerto Rico, whether for a private employer, the U.S. Government, or otherwise, is income from Puerto Rico. A U.S. tax return (Form 1040) reporting all worldwide income.
What is form 480 in Puerto Rico?
The IRS 480 Series refers to a set of tax forms used in Puerto Rico for reporting various types of income and tax withholdings. These forms are similar to the U.S. IRS 1099 series but are specific to Puerto Ricos tax system.
Can I move to Puerto Rico to avoid capital gains tax?
One of the greatest of many Puerto Rico tax benefits is the Act 60 Investor Resident Individual Tax Incentive (formerly Act 22), which allows you to pay 0% federal or Puerto Rico capital gains tax on all capital gains incurred during the time that you qualify as a bona fide Puerto Rico resident living in Puerto Rico.
What is form 480.7 C used for?
Puerto Rico Form 480.7C, Declaracion Informativa - Planes de Retiro y Anualidades (Informative Return - Retirement Plans and Annuities) is a tax document that is the equivalent of Form 1099-R. Since its designed to be entered in the Puerto Rico tax return, there is no entry point for it in TaxSlayer Pro.
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In Puerto Rico, Form 480 is a document similar to the 1099s.
480 6sp
WITHHOLDING EXEMPTION CERTIFICATE
Dec 13, 2016 Indicate if you elect this option so that the employer is not required to withhold income tax for Puerto Rico purposes. Nevertheless, you may be
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