480.7 2020

IRS Release Status: FINAL

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

What's New

New

In Withholding Agent’s Information, there is 2 new fields for Telephone No. and E-mail.
Additional box on the top right for "Indicate purpose" with 3 checkboxes
- Contributions
- Distributions
- Both
Additional boxes for Payee Information, "Select one box" with 3 checkboxes.
- Resident
- Nonresident U.S Citizen
- Nonresident Alien

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

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.
Box Resident PR Chk	1	Checkbox	Recipient Status - Resident	X / Y / T / 1 = Checked Only one Recipient Status Checkbox can be selected per form.
Box Nonres US Chk	1	Checkbox	Recipient Status - Nonresident U.S. Citizen	X / Y / T / 1 = Checked Only one Recipient Status Checkbox can be selected per form.
Box Nonres Alien Chk	1	Checkbox	Recipient Status - Nonresident Alien	X / Y / T / 1 = Checked Only one Recipient Status Checkbox can be seleced per form.
Type Both Chk	1	Checkbox	Indicate Form Purpose - Contributions	X / Y / T / 1 = Checked Only one Recipient Type Checkbox can be selected per form.
Type Contributions	1	Checkbox	Indicate Form Purpose - Distributions	X / Y / T / 1 = Checked Only one Recipient Type Checkbox can be selected per form.
Type Distributions	1	Checkbox	Indicate Form Purpose - Both	X / Y / T / 1 = Checked Only one Recipient Type Checkbox can be selected per form.
Box 1 Amount	12	Amount	Total balance at the beginning of year
Box 2 Amount	12	Amount	Contributions for the taxable year
Box 3 Amount	12	Amount	Rollover contributions
Box 4 Amount	12	Amount	Rollover withdrawals
Box 5 Amount	12	Amount	Refund of excess contributions
Box 6 Amount	12	Amount	Penalty withheld
Box 7 Amount	12	Amount	Tax w/h from interest (10% line 12D)
Box 8 Amount	12	Amount	Tax w/h inc from PR (10% line 12E)
Box 9 Amount	12	Amount	Tax w/h inc gov pension (10% 12G2-12G3)
Box 10 Amount	12	Amount	Tax w/h at source on eligible dist (declared disaster) 10% line 12K1)
Box 11 Amount	12	Amount	Tax w/h at source to nonresidents
Box 12a Amount	12	Amount	Contributions
Box 12b Amount	12	Amount	Voluntary contributions
Box 12c Amount	12	Amount	Exempt interest
Box 12d Amount	12	Amount	Interest from eligible financial ins
Box 12e Amount	12	Amount	Income from sources within PR
Box 12f Amount	12	Amount	Other income
Box 12g1 Amount	12	Amount	Gov pensioners contributions
Box 12g2 Amount	12	Amount	Gov pensioners eligible interest
Box 12g3 Amount	12	Amount	Gov pensioners other income
Box 12g4 Amount	12	Amount	Total (Add lines G1 through G3)
Box 12h Amount	12	Amount	Prepaid (10%) under section 1081.06
Box 12i Amount	12	Amount	Prepaid (5%) under section 1081.06
Box 12j Amount	12	Amount	Prepaid (8%) under section 1023.23
Box 12 K1 Amount	12	Amount	Taxable amount (declared disaster)
Box 12 K2 Amount	12	Amount	Exempt amount (declared disaster)
Box 12 K3 Amount	12	Amount	Exempt interest and amount over which a prepayment was made (declared disaster)
Box 12 K4 Amount	12	Amount	Total (Add lines K1 through K3)
Box 12l Amount	12	Amount	Total (Add lines 12A through 12K)
See Form Common Fields			Form fields common to all form types.

480.7 Form:

Hacienda form and instructions: 480.7_2020_informativo.pdf