filing tax return in PR

davidtx Active member

70POSTS

10 years ago

Hello. I have a quick question:

Is it reasonable to file your own taxes in PR or do you need a CPA?

I've always done my taxes myself in the US using TurboTax. I'm just wondering if it's reasonable to also DIY in Puerto Rico.

Thanks in advance for any input you can provide!

David

See also

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ReyP ViP

5509POSTS

10 years ago

I am not yet in the island, but my plan is to use a CPA the first year and probably also use TurboTax to compare. I normally use Turbo Tax but things are going to be more complicated when I move to PR.
I would suggest doing the above and then decided based on the results you get.
Rey

davidrothbard Member

11POSTS

10 years ago

davidtx Active member

70POSTS

10 years ago

Hi Rey,

Just to clarify, I was talking about filing my income taxes to PR (Hacienda) not the IRS. Unfortunately, TurboTax will be of no use for that... thanks.

David

ReyP ViP

5509POSTS

10 years ago

You may be right but i can buy the PuertoRico "state" from turbotax.

ReyP ViP

5509POSTS

10 years ago

I bought it once to try out a madeup filing and see what the numbers would look like. I did not try to file it obviously but went thru the rest of it

davidtx Active member

70POSTS

10 years ago

I'm surprised to hear you were able to buy a Puerto Rico state option from TurboTax. Everything I've read is that paying taxes to Puerto Rico is not supported by TurboTax. Here is one example:

https://ttlc.intuit.com/questions/27655 … uerto-rico

David

ReyP ViP

5509POSTS

10 years ago

davidtx wrote:
I'm surprised to hear you were able to buy a Puerto Rico state option from TurboTax. Everything I've read is that paying taxes to Puerto Rico is not supported by TurboTax. Here is one example:

https://ttlc.intuit.com/questions/27655 … uerto-rico

David

Turbo tax lets you pay for any additional states (1 included), among those are Puerto Rico. Go into last years software and start a new return, make up the numbers and SSN, select a state of PR. It will want you to pay for it, at that time cancel, but you have seen it is possible . I tried it earlier last year when I wanted to see what the taxes would be given a certain amount of SSN and a certain amount from my IRA.

By the way I use Turbo Tax Delux.

davidtx Active member

70POSTS

10 years ago

I have TurboTax Premium and did not see Puerto Rico as an option. I uploaded a screenshot of what I saw at the following link... thanks.

http://s2.postimg.org/5afh5w0ix/Turbo_Tax_States.jpg

David

frogface Active member

30POSTS

10 years ago

#10

Each to his own of course, but I moved lock stock and barrel down here, and am now exempt from federal taxes. If we become a state, that will change. Perhaps it should. Get the Island out of the hole, that and move more boomers down here, who, unlike me, have a lot of money. Then We can fix these darn roads.

frogrock Serial expat

509POSTS

10 years ago

#11

Hi Frogface. You might want to check if you are really exempt from federal tax. I. too, live in PR full time and my income is from retirement and Social Security. I still have to pay US federal tax.