480.7C 2020

IRS Release Status: FINAL

Sample Import Template File: 480.7C Sample Excel Import TY2020.xls

What's New?

On the bottom, Filing date is changed from "February 28 OR August 30" to February 28 OR November 30"

New

In Payers Information, there is 2 new fields for telephone no and e-mail.
In the top right corner, there are 3 new checkboxes for "Indicate purpose" under Electronic Filing Confirmation Number
- Contributions
- Distributions
- Both

Import Form Fields:

Field Name	Size	Type	Description	Notes
See Form Filer Common Fields			Filer fields common to all form types.
See Recipient Common Fields			Recipient fields common to all form types.
Form Lump Sum Checkbox	1	Checkbox	Form of distribution is lump sum	X / Y / T / 1 = Checked
Form Partial Checkbox	1	Checkbox	Form of distribution is partial	X / Y / T / 1 = Checked
Form Periodic Payments Checkbox	1	Checkbox	Form of distribution is period payments	X / Y / T / 1 = Checked
Plan Governmental Checkbox	1	Checkbox	Plan or annuity type is governmental	X / Y / T / 1 = Checked
Plan Qualified Private Checkbox	1	Checkbox	Plan or annuity type is qualified private	X / Y / T / 1 = Checked
Plan Non Qualified Checkbox	1	Checkbox	Plan or annuity type is non qualified	X / Y / T / 1 = Checked
Plan Fixed Annuity Checkbox	1	Checkbox	Plan or annuity type is fixed annuity	X / Y / T / 1 = Checked
Plan Variable Annuity Checkbox	1	Checkbox	Plan or annuity type is variable annuity	X / Y / T / 1 = Checked
Pension Start Date	8	Date	Date you started receiving the pension	MM/DD/YYYY or M/D/YYYY
Payee Resident	1	Checkbox	Payee Resident	X / Y / T / 1 = Checked
Payee Nonresident U.S. Alien	1	Checkbox	Payee Nonresident U.S. Alien	X / Y / T / 1 = Checked
Payee Nonresident Alien	1	Checkbox	Payee Nonresident Alien	X / Y / T / 1 = Checked
Box 1 Amount	12	Amount	Rollover contribution
Box 2 Amount	12	Amount	Rollover distribution
Box 3 Amount	12	Amount	Annuity cost
Box 4 Amount	12	Amount	Governmental retirement fund
Box 5 Amount	12	Amount	Tax w/h from annuity or periodic payment
Box 6 Amount	12	Amount	Tax w/h from lump sum distrib (20%)
Box 7 Amount	12	Amount	Tax w/h from lump sum distrib (10%)
Box 8 Amount	12	Amount	Tax w/h from lump sum distrib (8%)
Box 9 Amount	12	Amount	Tax w/h other distrib qual plans (10%)
Box 10 Amount	12	Amount	Tax w/h from dist of non-qual plans
Box 11 Amount	12	Amount	Tax w/h rollover to non deduct IRA
Box 12 Amount	12	Amount	Tax w/h retire savings acct dist (10%)
Box 13 Amount	12	Amount	Tax w/h roll rsa to non ded ira (10%)
Box 14 Amount	12	Amount	Tax w/h nonresident distribution
Box 15 Amount	12	Amount	Tax w/h other distribution
Box 16 Amount	12	Amount	Amount distributed
Box 17 Amount	12	Amount	Taxable amount
Box 18 Amount	12	Amount	Amt over which prepayment made
Box 19 Amount	12	Amount	After-tax contributions
Box 20 Amount	12	Amount	Exempt Income
Box 21a Amount	12	Amount	Distribution deferred contributions
Box 21b Amount	12	Amount	Distribution after-tax contributions
Box 21c Amount	12	Amount	Distribution income accretion
Box 21d Amount	12	Amount	Distribution others
Box 21e Amount	12	Amount	Dist total (lines 19a through 19d)
Box 22 Amount	12	Amount	Income tax withheld on eligible distributions for reason of extreme economic emergency due to declared disaster
Box 23 Code Box 1	1	Text	Distribution code	Values: A,B,C,D,E,F,G,H,I,J,K,L,M,N allowed only
Box 23 Code Box 2	1	Text	Distribution code	Values: A,B,C,D,E,F,G,H,I,J,K,L,M,N allowed only
See Form Common Fields			Form fields common to all form types.

Form 480.7C:

Hacienda form and instructions: 480.7c_2020_informativo.pdf