I received 480.6c form. Do I need to file it?

[ColeenD3]

Yes, you will need to report this Puerto Rican Bank interest as income on your income tax returns.

You can include this PR interest under the 1099-INT section as if you received a 1099-INT. Just make sure that you include this amount in USD.

To enter foreign interest income in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Interest and Dividends”
5. Choose “ Interest on 1099-INT” and select “start’
6. Select "I'll type it in myself"
7. Enter the name of the foreign bank, the amount (in USD) in box 

[wilsonced]

I received a 480.6C Fidelity showing dividends paid and tax withheld.  This is on an IRA account.  Money has stayed in the IRA.  Does this interest (and tax withheld) also get reported.  I have already filed my return and got my refund--must I file a corrected return or an amended return?

[JohnW222]

Yes, you need to file an amended return to report this interest and withholding.

Please see the TurboTax Help article "How to amend (change or correct) a return you already filed" for instruction on how to amend your previously-filed tax return.

[wilsonced]

So I have to report interest income on an IRA???  This seems to violate the whole principle of having money in an IRA.

[Golub_D]

Since my form 480.6c is related to an IRA account and it’s Dividends (line 6 of the form), how does one enter it in TurboTax? Treat the same as 1099-Div?

[DaveF1006]

Yes, you would report this as dividend income in TurboTax. You would treat it like a 1099 DIV.

[wilsonced]

I do not receive 1099-DIV from my IRA accounts, and because it is an IRA account, I do not report dividends received in the IRA.  Why would this be reported differently than any other income within an IRA?  Do you have a reference??

[DaveF1006]

I apologize for not reading this more carefully. According to this Turbo Tax article written by a Tax professional, dividends reinvested into an IRA are not taxable. Please refer the link for further details.

[FS23]

i saw the response in my case .. this form covers business Consulting  income performed in the US outside of PR. so where do i file this in a regular 1099? if so which line

[MaryK4]

You can enter it as Other self-employment income.

@FS23

[blessin328b]

I have amounts "Paid" and "Withheld"  entered on Line 6 on my Form 480.6C. There are no other Boxes with amounts listed. How do I report these in Turbo?  I am using the Turbo Premier version.

[DaveF1006]

Go to 1099 INT section in your return;

1. You would report the paid interest in Box 1 
2. At the bottom of that box is a check box that says "My form has info in more than Box 1"
3. For withheld, you will enter that amount under Foreign Tax Paid..

[Julie19561994]

i reced one i live in Ohio how can i filed so i can get the money they took for the sale of house in Puerto rico. I need the found can someone mail me the 480 for all forms i need to file my address iz 3000 Theresa st Cincinatti ohio 46204 thank you

[oldbag044]

I received form 480.6c Puerto Rico from my investment company. The form shows dividends and amount withheld

for 2019.  Do I have to do amended return? Total dividends

$513.25 and amount withheld $78.54.