Who receives a 480 in Puerto Rico?
In Puerto Rico, Form 480 is a document similar to the 1099s. It is used to report to taxpayers the payments they have received during the fiscal year, as well as the taxes withheld.
Who receives a 480 in Puerto Rico?
In general, the following bona fide Puerto Rican taxpayers receive a 480:
- Individuals who have received income from an employer. This includes wages, tips, bonuses, and other forms of compensation.
- Individuals who have received income from a business. This includes profits, dividends, and other forms of income distribution.
- Individuals who have received income from investments. This includes interest, dividends, and capital gains.
Who should submit Form 480?
Individuals who receive a 480 do not have to submit it to the Puerto Rico Department of Treasury. However, they should keep it for their records and use it to prepare their tax return.
When should Form 480 be submitted?
Employers and businesses are obligated to deliver Form 480 to their employees or partners by the following deadlines:
January 31:
- 480.7A: Mortgage Interest
- 480.7D: Automobile Lease Payments
February 28:
- 480.6A: Other Income Not Subject to Withholding
- 480.6B: Other Income Subject to Withholding
- 480.6B.1: Annual Reconciliation of Other Income Subject to Withholding
- 480.6D: Exempt and Excluded Income and Exempt Income Subject to Alternative Basic Contribution
- 480.6G: Transactions Conducted Electronically
- 480.6SP: Services Rendered
- 480.6SP.1: Annual Reconciliation of Services Rendered
What information is included in Form 480?
Form 480 contains the following information:
- Payer information: name, address, employer identification number (EIN)
- Recipient information: name, address, social security number (SSN)
- Information about payments and withholdings:
- Type of payment (salary, interest, dividends, etc.)
- Payment amount
- Withheld taxes (federal, state, and local)
What should I do if I already filed my return and received a 480?
You should amend your return to include the information from the 480. You can easily amend it on Taxmania.com. Want to learn more about amending your return? Read our article about amending your tax return.
Remember that on Taxmania.com, you can start your return for free. Prepare your return today!