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

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 

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?

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.

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

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?

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

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??

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.

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

You can enter it as Other self-employment income.

@FS23

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.

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..

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

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.

Yes, you will need amend your return 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. 

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 

Hello,

I was a fulltime employee for a company, and they gave me a 480.6C which showed my income as a nonresident and the taxes withheld. They also gave me a W2PR with the same data and Social Security and Medicare taxes withheld. How do I file both of these forms as a nonresident of Puerto Rico and a Resident of Georgia. Thank you.

Box 14 has an amount and no other amount on the form.  I received this from Morgan Stanley, non-IRA account.  Do I need to file it on my 1040 and if so, where?

Thank you.

It depends.480.6c is a form issued in Puerto Rico for Dividends and Taxes withheld within an IRA.. According to awesome Turbo Tax agent JohnB5677, he states in this link  "Dividends earned in traditional IRAs are not taxed when they are paid or reinvested, rather retirement account withdrawals are taxed at one's current income tax rate when they are withdrawn. This includes foreign investments."

I just received a 480.6C for the first time. It is for 2020 dividends on a regular taxable account. I understand the reporting on a 1099, but for conversion to USD - what date of conversion do I use? Last day of year (12/31/2020) or actual dates interest paid (in this case 6/12/2020, 9/11/2020 and 12/11/2020)? Thanks!

You need to use the actual date the dividends were paid to calculate the amount in US dollars. 

Thanks and after all that, I figured out that the currency of Puerto Rico is the USD so  no conversion is needed.

The 680.6c form I received included "Amount Paid" and "Amount withheld" and the amount showed up on line 6(Dividend Subject to 15% under section 1062.08). What should I do with this?

I am in the same boat. I am unable to find information on how to fill form 480.6c. Were you able to figure out how to fill 480.6c.

Hi Dave,

I'm confused. I received this form for an apartment I owned In Puerto Rico. I bought it in 2019 but sold it in 2020. 

I received the 480.6C...In line 4 under amount paid, they put the net I received at closing and the amount withheld shows the income taxes they kept from me at closing.

The funny thing is I'm working on my taxes now and showing I sold that property somewhere else because I showed income and expenses as I would rent the property sometimes.  Never truly enjoyed it ... When the program asked if I got rid of the property,  it's showing income (actually I'm not sure how it arrived at the number but it doesn't seem right because it's more than just amt bought for less amt sold for?).

Anyway, I'm completely confused as I've reported the property for all intent and purposes as a "state" not as a foreign investment since it's really a commonwealth and also as it accepts PR, but now I have to do foreign investments? and also this only has to deal with IRA?

Sorry for the long question, perhaps you can enlighten me a bit.

I appreciate your response in advance!!

Amneris