Entering Puerto Rico exclusion of income

Enter the amount of income the taxpayer is excluding on the Main Information Sheet in the Taxpayer Information section of the form. Do not enter this income on Form 1040. UltimateTax will use the amount of the exclusion entered on the Main Information Sheet to reduce the standard deduction and certain credits according to IRS instructions.

For more information on excluding Puerto Rico income, see IRS Publication 570, Tax Guide for Individuals with Income from U.S. Possessions, and IRS Publication 1321, Special Instructions for Bona Fide Residents of Puerto Rico. They Must File a U.S. Individual Income Tax Return.

 

This information applies to all years of the UltimateTax software.

 

Solution Articles:

1040 PR - Self-Employment Tax Return - Puerto Rico