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Form 480.6C

 
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JHaydenEA



Joined: 25 Aug 2007
Posts: 25

PostPosted: Wed Mar 17, 2004 10:46 am    Post subject: Form 480.6C Reply with quote

Client received Form 480.6C reporting $700 of dividends from
Puerto Rico with $70 withheld. Where do I go with this?
$700 on Sch B and $70 on Line 44?

Or is Porto Rico not foreign? I assume the $70 is not
refundable.

Thanks,

Jim Hayden EA

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Frederick Lorca



Joined: 25 Aug 2007
Posts: 6

PostPosted: Thu Mar 18, 2004 5:59 pm    Post subject: Re: Form 480.6C Reply with quote

"JHaydenEA" wrote:

> Client received Form 480.6C reporting $700 of dividends
> from Puerto Rico with $70 withheld. Where do I go with
> this? $700 on Sch B and $70 on Line 44?

See page 9 of IRS Publication 570.

Frederick G. Lorca

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Frederick Jorden



Joined: 25 Aug 2007
Posts: 124

PostPosted: Thu Mar 18, 2004 7:16 pm    Post subject: Re: Form 480.6C Reply with quote

JHaydenEA wrote:

> Client received Form 480.6C reporting $700 of dividends from
> Puerto Rico with $70 withheld. Where do I go with this?
> $700 on Sch B and $70 on Line 44?
>
> Or is Porto Rico not foreign? I assume the $70 is not
> refundable.

The PR income tax is treated as a foreign income tax for
the US income Tax and qualifies for the foreign tax credit
and can be claimed on form 1116.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax@bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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A.G. Kalman



Joined: 25 Aug 2007
Posts: 662

PostPosted: Thu Mar 18, 2004 7:54 pm    Post subject: Re: Form 480.6C Reply with quote

JHaydenEA wrote:

> Client received Form 480.6C reporting $700 of dividends from
> Puerto Rico with $70 withheld. Where do I go with this?
> $700 on Sch B and $70 on Line 44?
>
> Or is Porto Rico not foreign? I assume the $70 is not
> refundable.

The $700 is dividend income. For purposes of either
deducting foreign income taxes or claiming a foreign tax
credit, Puerto Rico (PR) is considered a "foreign country."
The $70 of income tax paid to PR would qualify for the
deduction or credit.

--
Alan
http://taxtopics.net

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