Puerto Rico has released its 2017 Form 480.7C. This form is traditionally used to report retirement plans and annuities. Because of Hurricane Maria, this form is now being used this year to report eligible distributions related to the hurricane. There are a number of changes from the previous revision:
- New plan or annuity types to report
- Fixed Annuity
- Variable Annuity
- Box changes
- Box 8 reports “Tax Withheld from Other Distributions of Qualified Plans (10%)”
- Box 19 is now “After-Tax Contributions”
- Box 20 is a new addition and it is used to report “Eligible Distributions for Reason of Extreme Economic Emergency Due to Hurricane Maria.” It also contains the following five subsections:
- Box 20A: Exempt Amount
- Box 20B: Taxable Amount
- Box 20C: Amount over which a Prepayment was Made
- Box 20D: After-Tax Contributions
- Box 20E: Total (Add lines 20A through 20D)
- Box 21 is a new addition as well and it is used to report “Income Tax Withheld on Eligible Distributions for Reason of Extreme Economic Emergency Due to Hurricane Maria”
To view the 2017 Form 480.7C, please click here.
