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What is Series 480 Tax Form?

What is 480 Series?

Table of Contents

Overview

The IRS 480 Series refers to a set of tax forms used in Puerto Rico for reporting various types of income and tax withholdings. These forms are similar to the U.S. IRS 1099 series but are specific to Puerto Rico’s tax system. They are used by businesses and individuals to report payments subject to withholding taxes and to comply with local tax regulations.

 

Common Forms in the 480 Series

Here are some of the most frequently used forms in this series:

  • Form 480.6A – Informative Return – Payments to Non-Employees

    • Used to report payments made to independent contractors and service providers.

  • Form 480.6B – Informative Return – Other Income Not Subject to Withholding

    • Reports other types of income, such as rents, prizes, and awards, that are not subject to withholding.

  • Form 480.6C – Informative Return – Income Subject to Withholding

    • Used when withholding taxes have been applied to payments, such as interest, dividends, or certain services.

  • Form 480.6D – Annual Reconciliation Statement of Informative Returns

    • A summary of all 480.6 forms filed during the year, similar to IRS Form 1096 in the U.S.
  • Form 480.7A – Information Return- Mortgage Interests
    • Form 480.7A is issued by the government of Puerto Rico for the filing of informative returns on mortgage interest.

  • Form 480.7C – Retirement Plans and Annuities

    • Reports distributions from retirement plans and annuities, similar to IRS Form 1099-R.

  • Form 480.7E – Mortgage Interest Statement

    • Used by financial institutions to report mortgage interest paid by borrowers.

  • Form 480.7F – Educational Institution Payments

    • Reports payments made to educational institutions for tuition and related expenses.

Note– For more, visit www.hacienda.gobierno.pr.

 

 

Filing Requirements & Deadlines

  • These forms must be submitted to the Puerto Rico Department of Treasury (Hacienda).
  • The deadline is typically February 28 of the year following the reported tax year.
  • If filed electronically, deadlines may vary slightly.

 


Form		 Name
Due Date
Form 480.6A Informative Return – Income Not Subject to Withholding February 28th
Form 480.6B Informative Return – Income Subject to Withholding February 28th
Form 480.6C Informative Return – Exempt Income and Exempt Income Subject to Alternate Basic Tax February 28th
Form 480.6D Informative Return – Income Subject to Withholding (Nonresidents) February 28th
Form 480.7A Informative Return – Mortgage Interests January 31st

 

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Final Thoughts

Filing 480 series forms can be a complex and time-consuming task, often leading to stress and potential errors. Take advantage of Tax1099’s reliable eFiling service to stay organized and meet your deadlines with ease.

With Tax1099, your electronically filed 480 tax forms are directly transmitted to the IRS, making compliance and reporting much easier. This reliable eFiling service helps you stay organized and ensures your forms are submitted on time.

Important note: These forms are available through Tax1099 for Enterprise users only. See the pricing page for more information on different account types.

You can eFile 480 Tax Forms Online for the tax year 2024 using Tax1099.

Don’t wait for the deadline eFile Now.!

 

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