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The document is Form 480.70(OE), an Informative Return for Income Tax Exempt Organizations required by the Government of Puerto Rico's Department of the Treasury. It outlines the filing requirements, instructions, and necessary information for nonprofit organizations to report their income, expenses, and net assets for tax exemption purposes under Section 1101.01 of the Puerto Rico Internal Revenue Code. The form includes sections for organizational details, financial summaries, compensation disclosures, and a questionnaire regarding governance and compliance.

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What is a 1040 PR form used for?

Self-employed persons in Puerto Rico use Form 1040 (PR) to compute self-employment tax.

What is the personal exemption in Puerto Rico?

In Puerto Rico, there are two exemptions available for individuals: Personal exemption: Married: $7,000. Single taxpayer: $3,500.

What is the personal income tax in Puerto Rico?

Personal income tax rates Net taxable income (USD)Tax Not over 9,000 0% Over 9,000, but not over 25,000 7% of the excess over USD 9,000 Over 25,000, but not over 41,500 USD 1,120 plus 14% of the excess over USD 25,000 Over 41,500, but not over 61,500 USD 3,430 plus 25% of the excess over USD 41,5001 more row

What qualifies as a personal exemption?

When can a taxpayer claim personal exemptions? To claim a personal exemption, the taxpayer must be able to answer no to the intake question, Can anyone claim you or your spouse as a dependent? This applies even if another taxpayer does not actually claim the taxpayer as a dependent.

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.

What is a Puerto Rico Form 480?

The 480 Series refers to a set of tax forms used in Puerto Rico to report various types of payments and income, similar to the 1099 Series in the United States. These forms are used by businesses, employers, and individuals to report payments such as compensation, dividends, rent, and services rendered.

What is the exempt salary in Puerto Rico?

In the 2019 rule, which is currently in effect, the U.S. Department of Labor elected to preserve the salary level set in 2004 ($455 per week, or $23,660 or annually for a full-year worker) for employees in Puerto Rico, Guam, the U.S. Islands, and the Commonwealth of the Northern Mariana Islands, instead of

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.

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