Puerto Rico Loan Plan for Key Employees
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How to fill out Loan Plan For Key Employees?
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NOTE: For Social Security purposes, ?U.S.- born? means a person born in the 50 states, the District of Columbia, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands. You can replace your Social Security card for free if it is lost or stolen.
As a US Citizen, you can just move to Puerto Rico and become a resident without changing, altering, or renouncing citizenship status. You don't have to pay a 23.8% exit tax on unrealized capital gains (things like stock and property that you own but haven't sold yet)
Withdrawals from an IRA, 401(k), or other US tax-deferred retirement account would not be covered by Act 22. So moving to the island won't lessen the tax on withdrawals. The situation is the same with Social Security and other pension income.
Section 29 CFR 825.105(b) of the FMLA regulations states that ?the FMLA applies only to employees who are employed within any State of the United States, the District of Columbia or any Territory or possession of the United States.? Territories or possessions of the United States include Puerto Rico, the Virgin Islands ...
If you are an eligible Puerto Rico employee who is 21 years of age or older, you can contribute to the NSU Puerto Rico 401(k) Plan on the first day of the month coinciding with or next following your one-year anniversary.
Withdrawals from IRAs, 401(k)s, and other tax-deferred retirement funds in the US are not recognized under Puerto Rico Act 22. Thus, moving to the island won't reduce the distribution tax. The same applies to Social Security benefits and other pension payments.
Puerto Rico is covered under the US social security system; consequently, Puerto Rico employers and employees are subject to the US Social Security and Medicare taxes requirements. See the Other taxes section in the United States Individual tax summary for more information.
In order to hire employees in Puerto Rico, a foreign country needs to register with the Department of State of the Commonwealth of Puerto Rico, and if they're doing trade or business in Puerto Rico, they will need to register with the Department of State.
Under most circumstances, approved overseas withdrawals from a 401(k) or U.S. pensions are still taxed as income, albeit they're treated as unearned income?meaning you won't be able to claim them under the Foreign Earned Income Exclusion. However, there are many tax treaties between the U.S. and other countries.
Puerto Rico is covered under the US social security system; consequently, Puerto Rico employers and employees are subject to the US Social Security and Medicare taxes requirements. See the Other taxes section in the United States Individual tax summary for more information.