Puerto Rico has released the 2017 revision of Form 480.7. This form is typically used to report retirement account information. Changes to the form come from new boxes used to report distributions related to Hurricane Maria:
- New boxes
- Box 10, Income Tax Withheld at Source on Eligible Distributions for Reason of Extreme Economic Emergency Due to Hurricane Maria (10% line 12K1)
- Include in this box the withholding at source (10%) on Eligible Distributions from an IRA made between September 20, 2017 and December 31, 2017, as provided by AD 17-29. The amount of Eligible Distribution subject to the 10% fixed tax rate must be reported in box 12(K)(1) of this form.
- In those cases in which Eligible Distributions have been made prior to the issuance of AD 17-29, for which a tax withheld other than what is established in such publication have been made, this box must include the total amount withheld at source at the moment of distribution. In these cases, this box must also include any penalty over the Eligible Distribution that has been withheld according to the provisions of the Code.
- Box 12(K), Eligible Distributions for Reason of Extreme Economic Emergency Due to Hurricane Maria
- Box 12(K)(1), Taxable Amount
- Box 12(K)(2), Exempt Amount
- Box 12(K)(3), Exempt Interest and Amount over which a Prepayment was Made
- Box 10, Income Tax Withheld at Source on Eligible Distributions for Reason of Extreme Economic Emergency Due to Hurricane Maria (10% line 12K1)
To view the new Form 480.7, please click here.
