Get IRS 1040-PR 2015

Residents of Puerto Rico who are not required to file a U.S. income tax return generally must file Form 1040-PR (Spanish Form) or Form 1040-SS (English Form) to report self-employment income derived from a trade or business in Puerto Rico and if necessary, pay self-employment tax on that income.

If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.

For foreign tax credit purposes, all qualified taxes paid to U.S. possessions are considered foreign taxes. For this purpose, U.S. possessions include Puerto Rico and American Samoa.

Personal Income Tax Rate in Puerto Rico is expected to be 33.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

In addition, you must file a U.S. tax return, namely Form 1040, reporting worldwide income, with the exclusion of Puerto Rico income. ... If you are not a bona fide resident of Puerto Rico, generally, you must file both a Puerto Rico tax return as well as a U.S. tax return.

If you can't hit 183 days (for example, you are starting your residency in November), then you need to qualify for Puerto Rico residency using the 3 year test. You are a tax resident of Puerto Rico if you spend a minimum of 60 days in Puerto Rico during each tax year and at least 549 days over 3 consecutive years.

A Puerto Rico tax return reporting only your income from Puerto Rico sources. Wages for services performed in Puerto Rico, whether for a private employer, the U.S. government, or otherwise, is income from Puerto Rico sources. A U.S. tax return (Form 1040NR) according to the rules for a nonresident alien.

If you are a U.S. citizen or resident alien but not a bona fide resident of Puerto Rico during the entire tax year, you generally must file the following returns. A Puerto Rico tax return reporting only your income from Puerto Rico sources.

Bona fide residents of Puerto Rico generally do not report income received from sources within Puerto Rico on their U.S. income tax return. However, they should report all income received from sources outside Puerto Rico on their U.S. income tax return.

Puerto Rico is a US territory and not a state, so its residents don't pay federal income tax unless they work for the US government. Even so, workers there pay the majority of federal taxes that Americans on the mainland pay payroll taxes, social security taxes, business taxes, gift taxes, estate taxes and so on.

Unlike the US, Puerto Rico does not tax social security pension income or unemployment. Puerto Rico residents must still pay the US FICA tax on self-employment income.

Federal taxes Residents of Puerto Rico pay into Social Security, and are thus eligible for Social Security benefits upon retirement. ... Bona fide residents of Puerto Rico generally do not report income received from sources within Puerto Rico on their U.S. income tax return.

Puerto Rico is a US territory and not a state, so its residents don't pay federal income tax unless they work for the US government. Even so, workers there pay the majority of federal taxes that Americans on the mainland pay payroll taxes, social security taxes, business taxes, gift taxes, estate taxes and so on.

Cost of Retiring in Puerto Rico Total monthly expenses should typically be a total of four times your monthly rent, so you can expect to retire comfortably in Puerto Rico on about $2,000 per month. Even the more expensive parts of the island are still less expensive than most major U.S. cities.

For the 2019 tax year, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. ... For married couples filing jointly, you will pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000.