Form 481.1 in Puerto Rico: Application for Credit for people aged 65 or older and Compensatory Credit for pensioners

La credit form for people aged 65 or over and Compensatory Credit for low-income pensioners (o Form 481.1), for him taxable year 2022 must be filed electronically through the Unified Internal Revenue System (SURI), from month of July until the month of October 2022.

Incredibly, the years of life go by very quickly and there are many people who do not realize that when they reach the third Age (50, 60, 70 years), it is very important to know about this form. Pensioners or those people who are about to turn 65 years old or someone has a family member who needs help with frequently asked questions, such as: What is Form 481.1 for? o Where is the Form delivered? Information on this topic is given below.

Steps to complete Form 481.1: Electronic filing

To complete registration en SURI, You must follow the steps indicated below:

1. Access to SURI through: https://suri.hacienda.pr.gov, or through the link SURI which is available in the area of Virtual Treasury on the website of that department: www.hacienda.pr.gov.
2. Click the link Register on SURI.
3. Select the registration option, that applies to those detailed below:

• has been settled previously spreadsheet: this option is Commonly applicable when:

1. The Form 481.1 in the past.
2. When a income tax return.
3. The applicant has received some economic benefit from the department, such as: Economic Impact Payment (or requested the same), regardless of whether you have received it or not, or
4. When you have made any payment or carried out any related transaction, with any of the tax rates under the Code regime.

If registration is being completed under this option and the system displays the following message:

“According to the information entered, you have previously conducted transactions with the Department,” this means that the user is not eligible to complete their registration under this option and you have to complete it, under the registration option: “I have filed a return before.”

• First time filing return: This registration option is applicable if you have not previously filed a return, made any payment, received or requested any economic benefit, such as: Economic Impact Payment or made any other transaction in the department in the past.

• Follow the system instructions and complete all the information requested to complete the registration.
• Once registration is complete, access the main page of SURI and enter the username and password that was created; to access the account in SURI. When the username and password are entered, the system will require to authenticate the device that is being used to access the account.

For more information on how to complete a registration in SURI, can be accessed through the SURI home page: www.suri.hacienda.pr.gov and in the menu “See frequently asked questions”, select "Registry", or send a message through the link: “Assistance at SURI” which is available in the SURI home page.

How do I obtain Form 481.1: Return Filing?

The filing of the Individual Form (Form 481.1), is done only electronically. It is important to search all information and instructions on the form, as well as the requirements and suppliers certified by the Department of Finance; to file the return electronically.

To file the return online, you must use a program or an application certified by the Department of the Treasury. It is advisable to follow the Instruction Booklet and use the Check Sheet; to avoid errors.

To go to the page of the certified suppliers by Department of Finance and fill out the online form, you need to click on the tab “Providers Certified by the Department of the Treasury to File Electronically.”

• Click here:

https://hacienda.pr.gov/sites/default/files/inst_individuos_2021_8_feb_22_0.pdf, to access the Instruction Booklet.

• To access the Check Sheet, click on this link: https://hacienda.pr.gov/sites/default/files/hoja_de_cotejo_2021.pdf.

Instructions for Form 481.1

Fill the Form 481.1 It is something very simple, you just have to follow the step by step which will be detailed below. And it is It is highly recommended to carefully read the instructions printed on the form.. However, it is important to emphasize that this form must be completed without amendments and without deletions.

    First section

It begins as the first section on the form, with the personal data of the applicant and those of his or her spouse. Write in print, first name and middle initial, then write the paternal and maternal surname. Then the residential address and corresponding zip code.

    This section closes, writing the full name and surname of the spouse, likewise as the applicant's was written. To complete this section, write: residence address, email and zip code.

    Second section

Corresponds to Social Security data as a taxpayer, as well as those of the spouse; the numbers of the Social Security Cards, from both (applicant and spouse). Their respective dates of birth and fill in the ovals corresponding to sex of both.

    Third section

Here is a questionnaire, which must be filled by filling the ovals with "Yes or no". They are very simple and direct questions, which do not represent much complication in answering them.

    Fourth section

Contains another questionnaire, the questions in this section will allow credit analysts, determine the amount to be approved in the requested credit. They are also easy to understand and must be answered by filling in the corresponding ovals, with "Yes or no".

At the bottom of the page, there are some boxes in which you must write: bank account numbers. Since in this way, the Department of Finance to make the payments corresponding to the requested credit.

What is Form 481.1?

El Form 481.1, is a spreadsheet used for application for loans especially aimed at people over 65 years of age.

Individual or married taxpayers can use this form to apply for loans for people aged 65 or over, and Compensatory Credit for low-income pensioners. The Department of Treasury of the Commonwealth of Puerto Rico, offers this opportunity for citizens who do not have sufficient financial resources.

In this way, the Puerto Rican government, through the Department of Finance, contributes to financing with a new entrepreneurship for the elderly.

What is Form 481.1 for?

El Form 481.1it's a form issued by the Government of Puerto Rico through the Department of the Treasury, this is a credit spreadsheet that is aimed exclusively at citizens of Age 65 from now on and also reside within the Puerto Rican national territory, as well as for those pensioners who have low economic resources.

This formulary It serves for:

1. Those people 65 years of age or older who reside within Puerto Rico can apply for credit.
2. Compensatory credit for low-income pensioners.

Cost of Form 481.1

Complete and submit electronically the Form 481.1, is a unified procedure that is completely free, since it can be done through the SURI platform.

If you decide to request the assistance from a specialist, for filing The amount that he himself indicates must be paid.

Who can submit Form 481.1?

El Form 481.1, can be submitted through the Unified Internal Revenue System SURI, by people who meet the following conditions:

1. Who resides in Puerto Rico.
2. Be 65 years old or older and with a gross income equal to or less than $15.000. If you are married, a gross income equal to or less than $30.000.
3. If you are not yet 65 years old, but have only received an amount equal to or less than $4.800 as a pension.
4. That they have not requested nor will they request work credit.

What evidence must you present with Form 481.1?

Every taxpayer who submits the Form 481.1 has to, In addition, jointly, record the evidence that applies to each case:

• Document that proves age.
• W-2 withholding receipt proving income.
• SSA 1099 to show Social Security benefits.

    The informative statements Dec.Inf.: 480.6A and 480.6B, that check income from professional services or rents.

• Inf 480.6D that proves exempt income.
• Inf. 480.7 to verify IRA Distributions.
• Inf 480.7B in order to demonstrate distributions by education contribution accounts.
• Inf. 480.7C that shows the distributions of the retirement plan.
• Any document that the Secretary of the Department deems appropriate.

Los Forms 481.1 consigned, Without the relevant evidence they will not be prosecuted.

Where is Form 481.1 delivered?

El Form 481.1 is delivered in the Department of Treasury of the Commonwealth of Puerto Rico, whose headquarters are located at: Intendente Alejandro Ramírez Building, 10 Paseo Covadonga, in Old San Juan.

Likewise, the form can be delivered to the Collections and Service Centers 360, available throughout the territory of the Puerto Rican island. Among the Collections the following can be noted:

    Arecibo CESCO

Zeno Gandía Industrial Zone. Lot #30 Carretera 129. Arecibo, PR 00612. Telephone: 787-878-5115. Fax 787-817-3544. Hours: Monday to Friday from 8:00 am to 3:30 pm

    Arecibo and Integrated Services Center

Santiago Cabán Building 158 Ave. De Diego. Arecibo, PR 00612. Telephone: 787-878-8922. Fax 787-878-2102. Hours: Monday to Friday from 8:00 am to 3:30 pm

In Manatí, Utuado, Barranquitas and Bayamón, there are also Collections and 360 Service Centers.

    Orange

Georgetti Street # 43 (entrance to the town, in front of Hernández Auto Part). Naranjito, PR. Phone: 787-869-2440. Fax 787-869-5643. Hours: Monday to Friday from 8:00am to 3:30pm.

    Caguas 360

Dr. Goyco Street. Acosta Corner. Government Center. Caguas, PR. Telephone: 787-743-5803 / 787-746-8181. Fax 787-745-8634. Hours: Monday to Friday from 8:00am to 3:30pm.

Other 360 Service Center

Cidra 360, Guayama CESCO. Aguadilla 360. Arecibo 360, Caguas 360. Representative Center. Cidra 360. Mayagüez 360, Ponce 360. San Juan 360.

You can also send the request through post mail: PO BOX 9022501, San Juan PR 00902-2501. Department of Finance.

Fonts

https://suri.hacienda.pr.gov

 www.hacienda.pr.gov

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