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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 exclusions on income earned in Puerto Rico, details on who must file, and how to allocate standard and itemized deductions. The document emphasizes the importance of understanding the source of income, applicable deductions, and credits while also addressing specific rules for tax reporting related to Puerto Rico.

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Begin by reviewing the instructions for bona fide residents of Puerto Rico, ensuring you meet the presence test and understand your filing requirements.
Fill in your personal information at the top of the form, including your name, address, and Social Security number.
Complete the section regarding your income sources. Use the provided table to determine which income is subject to U.S. tax and which is exempt under section 933.
Calculate your standard deduction based on your filing status using the worksheet provided in Publication 1321, ensuring to apportion it correctly if you have exempt income.
If applicable, complete the itemized deductions section by apportioning deductions that do not apply to specific income types based on your gross income ratios.
Review all entries for accuracy before saving or printing your completed form for submission.

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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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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is income from Puerto Rico considered foreign income?

If youre a bona fide resident of Puerto Rico, youll be able to exclude income from Puerto Rican sources on your U.S. income tax return.

Who qualifies for Puerto Rico tax exemption?

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.

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.

Who benefits from Act 22?

Act 22 makes Puerto Rico appealing because some investors and higher-income individuals relocate there to benefit from exemptions on local taxes for income, interest, dividends and capital gainsas well as US Tax Code Section 933s federal exemption for income derived from within Puerto Rico.

Who qualifies for Act 22 Puerto Rico?

Individuals who become residents of Puerto Rico are considered eligible for Puerto Rico Taxes under Puerto Rico Tax Act 22 unless the individual was a resident of Puerto Rico at any time from January 16, 1997 to January 16, 2012.

Can I move to Puerto Rico to avoid crypto taxes?

ACT 60, previously known as ACT 22, gives individual resident crypto investors a tax exemption if they meet specific criteria. You must spend at least 183 days a year in Puerto Rico, spend fewer than 90 days in the US, or earn less than $3,000 taxable income in the United States.

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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How to use or fill out 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) with DocHub