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Publication 1321 (Rev. 10-2022). Special Instructions For Bona Fide Residents Of Puerto Rico Who Must File A U.S. Individual Income Tax Return (Form 1040 or Form 1040-SR)-2025

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Publication 1321 provides special instructions for bona fide residents of Puerto Rico who must file a U.S. Individual Income Tax Return (Form 1040 or Form 1040-SR). It outlines the necessary adjustments for claiming income exclusions under section 933 of the Internal Revenue Code, details on filing requirements based on income sources, and guidelines for calculating standard and itemized deductions. The document emphasizes the importance of determining the source of income, apportioning deductions, and understanding specific tax credits applicable to Puerto Rican residents.

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the eligibility criteria for bona fide residents of Puerto Rico, ensuring you meet the presence test and other requirements outlined in the publication.
Fill out your personal information at the top of the form, including your name, address, and Social Security number.
Complete the income section by reporting all sources of income, distinguishing between U.S. taxable income and exempt Puerto Rico income as per section 933.
Utilize the provided worksheets to calculate your standard deduction based on your filing status and adjust it according to your exempt income.
If applicable, apportion any itemized deductions that do not apply to specific types of income using the formulas provided in the publication.
Review all entries for accuracy before submitting your completed form through our platform for a seamless filing experience.

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See more Publication 1321 (Rev. 10-2022). Special Instructions For Bona Fide Residents Of Puerto Rico Who Must File A U.S. Individual Income Tax Return (Form 1040 or Form 1040-SR) versions

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Who must file a Puerto Rico tax return?

Generally, if you are a Puerto Rico bona fide resident, you must file a Puerto Rico tax return. If you are not a bona fide resident of Puerto Rico, you must file both a Puerto Rico tax return and a U.S. tax return. If you are a member of the United States Armed Forces, special tax rules may be applied.

Who needs to fill out a 1040 tax form?

Most U.S. citizens or permanent residents who work in the U.S. have to file a tax return. Generally, you need to file if: Your income is over the filing requirement. You have over $400 in net earnings from self-employment (side jobs or other independent work)

What is the bona fide residence test for Puerto Rico?

Bona Fide Residents of Puerto Rico: Generally, you are a bona fide resident of Puerto Rico if during the tax year, you: Meet the presence test Do not have a tax home outside Puerto Rico, and Do not have a closer connection to the United States or to a foreign country than to Puerto Rico.

What is the Act 132 in Puerto Rico?

0:00 0:34 Its not withheld. Its not reduced none of that stuff its just zero tax you get all of the moneyMoreIts not withheld. Its not reduced none of that stuff its just zero tax you get all of the money stick it in your pocket. And go out and celebrate. And this isnt some expired loophole.