Yes, you should file a US return. Yes, you need to amend your tax return. Your investments are considered to be Puerto Rico based, matching your HOR.
As a member of the U.S. armed forces, you will determine your residency by looking at your home of record. If that home of record is in Puerto Rico, then you are still a bona fide resident of Puerto Rico, even if you are stationed in the U.S. In such a case, you will file a Puerto Rico return to report your worldwide income and a U.S. return to report your wages from the U.S. armed forces. A foreign tax credit is available on the U.S. tax return for taxes paid to Puerto Rico.
You need to file your Puerto Rico return including all worldwide income. Then, file an amended US return and claim a credit for the tax paid to Puerto Rico.
We do not handle Puerto Rico returns.
If you need to file, you can file the Puerto Rico state return directly with the Commonwealth of Puerto Rico.
For more information see IRS Publication 570.
For the amend, wait until after they have taken the tax due and you have filed a PR return.
- Save a copy of the original return before doing an amended return. See:
- Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return? Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.
- You may get a refund.
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