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What is a 480 form? Form 480 is a document that summarizes payments that have not been subject to withholding, payments generated to a supplier for services, distributions, among others, to declare statements before the Department of the Treasury of Puerto Rico.

The Puerto Rico equivalent of the U.S. Form W2 is the 499R2/W2PR (Withholding Statement), and must be filed for each employee. An Annual reconciliation statement of Form 499R2/W2PR and tax withheld should be filed to the Puerto Rico Treasury Department on or before January 31 of each year.

Form 499R2/W2PR (Withholding Statement) - This withholding statement is the Puerto Rico equivalent of the U.S. Form W2 and should be prepared for every employee. The form comes in five copies.

The Withholding Exemption Certificate (Form 499 R-4.1) is the document used by the employee to notify his/her employer of the personal exemption, exemption for dependents and the allowance based on deductions. These three factors are considered to determine the income tax to be withheld from the employee's wages.

Form 499R2/W2PR (Withholding Statement) - This withholding statement is the Puerto Rico equivalent of the U.S. Form W2 and should be prepared for every employee. The form comes in five copies.

The most common withholding statement is the W2-PR. Every employer who has paid wages with income tax withheld in Puerto Rico must submit this form to the Department of Treasury and the Social Security Administration. This form summarizes your income and withholdings for the taxable year.