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

[VictoriaD75]

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 

[cramir01]

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.

[JB in Chicago]

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.

[DaveF1006]

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are paid or reinvested, rather retirement account withdrawals are taxed at one's current income tax rate when they are withdrawn.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."

[maria1755]

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!

[npierson7]

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

[maria1755]

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

[WingLeung2021]

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?

[munnaramana]

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.

[amypedroso]

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

[eric45hd]

I also received this form 1 week before 2021 taxes were due. I had to dig through the detailed dividend section in the online 1099 long form from the brokerage firm to see that the amount was already included in the 1099-DIV section. The INT section is probably similar to the DIV section. My account was not an IRA, just a simple joint brokerage account. Anyone getting this form might want to check that that amount wasn't included elsewhere and already claimed. My amount was in Box 15 of the 480.6C.

[martdiana2002]

Why would you believe box 15 to be and income there is no indication that this was received and could be a unrealized loss

[martdiana2002]

Solved it thanks for the himt

[BoydJones888]

Just a quick comment - Puerto Rico also uses the US dollar as it is part of the United States.

[jd65]

Why must I report the 480.6C dividend as taxable income since the dividends are posted in my 401K Rollover (IRA) account?  All other dividends in this account are not taxable.