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New Member

Puerto rico 4807c. Im a retired school teacher and I got a 480.7c form, where do I input this information?

This form is from a pention that I get from retirement, form 480.7c

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Level 14

Puerto rico 4807c. Im a retired school teacher and I got a 480.7c form, where do I input this information?

If you have a pension from Puerto Rico (not reported on a  1099-R), you can still enter it in the 1099-R interview under Retirement Plans and Social Security.  You can indicate on the Enter your 1099R screen, that the payer has a foreign address.

If the payer has a Federal ID number, please enter it.  If they don't have one, just enter your own social security number.  The form itself does not get transmitted along with your return.

To enter your pension information, please follow these steps:

  1. Click on Federal Taxes > Wages & Income.
  2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plans (1099-R).  [See Screenshot #1, below.]
  3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click on the link Add Another 1099-R[Screenshot #2]
  4. If you haven't yet entered a 1099-R, you will see the screen, Your 1099-R. Click Yes and then Continue.
  5. You can either import your 1099-R or click on the I'll type it in myself box. [Screenshot #3]
  6. IMPORTANT:  If you select to enter the information yourself, you will see a screen, Tell Us Which 1099-R You Have.  Be sure to mark 1099-R. [Screenshot #4]
  7. On the screen, Enter [X] 1099-R, under Payer Information  mark the radio button next to Foreign Address and enter the rest of the information contained on your 480.7c form[Screenshot #5]
  8. Continue through the screens, answering the interview questions.




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Returning Member

Puerto rico 4807c. Im a retired school teacher and I got a 480.7c form, where do I input this information?

I received the same form 480.7C; the pension is tax exempt in a Puerto Rico. I reported to the Puerto Rico Internal Revenue Services. However, the solution to enter it using the 1099R do not match with the information in the 480.7C the distribution code are not the same and there is no code to report it as periodic payments.

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New Member

Puerto rico 4807c. Im a retired school teacher and I got a 480.7c form, where do I input this information?

I agree. The info as outlined on the 480.7c does not match what the 1099-R requires. I receive a pension from Puerto Rico but Iived in Illinois on 2019. I was covered under the ACA and I have to complete the federal return. Did you find a solution on how to enter the 480.7c data into the 1099-R?

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New Member

Puerto rico 4807c. Im a retired school teacher and I got a 480.7c form, where do I input this information?

 
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Returning Member

Puerto rico 4807c. Im a retired school teacher and I got a 480.7c form, where do I input this information?

Actually I tried following Turbo Tax instructions but it made no sense as Puerto Rico is not a foreign country; therefore, I entered it as a 1099-R as Turbo Tax suggested but I enter it as shown in the table below hoping that the assumptions I made are correct. My taxes were accepted by the IRS and State and the refunds were received; but, it does not guarantee the way are entered bot 480.7C are correct as I cannot find any correct answer neither in the IRS web site.

 

480.7C FieldTurbo Tax Field
Payer's InformationLocation: U.S. Address (Puerto Rico is a US Territory)
Employer Identification NumberFederal ID Number
16. Cantidad Distribuida / Amount Distributed1 - Gross Distribution
17. Cantidad Tributable / Taxable Amount2a - Taxable Amount
Forma de Distribución / Form of Distribution: Pagos Periódicos / Periodic Payments and 23. Codigo de Distribución / Distribution Code

7 - Select a code(s) that matches Box 7 on your 1099-R

Box 7 in the 480-7C has nothing to do with what this field ask. Therefore, I used the fields mentioned in the left to determine what to enter in Turbo Tax field 7. Although, Puerto Rico consider Tipo de Anualidad / Plan or Annuity Type to be Privado Calificado / Qualified Private, the only Annuity option which I select from the drop down menu is: D-Annuity payments from non qualified annuities.

 

My thought is that although is a qualified annuity from a Puerto Rico Government perspective it may not be from an IRS perspective.