The acting secretary of Puerto Rico’s Treasury Department, Nelson Pérez-Méndez, announced that the Individual Income Tax Return for the tax year 2023 is available for electronic filing, and is due April 15.
“Today we begin the Tax Cycle for the 2023 tax year. Form 482 is available on the Department’s website, under the Returns, Forms and Schedules section, in the Income Tax area. We urge taxpayers to fulfill their fiscal responsibility and take advantage of the incentives available this year,” the official said.
Pérez-Méndez emphasized that everything is ready for the electronic filing of returns, to start refund payments before the end of February and to open the Tax Filing Centers in March to assist people.
In this tax cycle, individuals filing via the Internal Revenue Unified System (SURI, in Spanish) will find more integrated information in their returns, making the process faster and simpler.
“In the 2022 tax return, Withholding Certificates (Form 499R-2/W-2PR) and Form 480.6SP for primary taxpayers (not spouses) were integrated. This year, Forms 480.6A, 480.6B and 480.7C can also be found. This represents a significant advancement for both the citizens and the department, as we continue working to make the filing experience more agile and simple,” added the head of the Treasury.
He urged taxpayers to check their eligibility for various available credits, including the Work Credit. This year, the earned gross income and the maximum credit to qualify increased, according to an inflation adjustment certified by the U.S. Internal Revenue Service (IRS).
The maximum amount of this benefit for the working class ranges from $1,656 to $7,173, depending on the Earned Gross Income, marital status and number of dependents of each taxpayer.
“This year, the benefit for the working class will see an estimated increase of $178 million, which represents an additional $233 million to the original cost of the program in 2021. [Taxpayers] can refer to the special 2023 Returns section, available on our website, to learn about the new sections,” Pérez-Méndez said.
In this tax cycle, an exemption of up to $40,000 of earned gross income from wages and services provided during the 2023 tax year is also available for young people between the ages of 16 and 26.
“I remind taxpayers that the Child Tax Credit is also available this year. This credit is claimed on the federal return and, like last year, the Department will be supporting the IRS, assisting eligible citizens, when we start the services of the Electronic Tax Preparation and Filing Centers in March,” he continued.
To complete and file the Individual Income Tax Return for the 2023 tax year, taxpayers will have several options:
– Using their personal SURI account, free of charge.
– Through providers certified by the Treasury Department, available on the website by accessing the 2023 Tax Forms button, subject to the cost determined by each provider.
– Using the tax preparers, certified by the Treasury and available on the SURI page, Search Section. This service is also subject to the cost of the preparer.
“All required evidence with your tax return must be submitted electronically through SURI. Treasury recommends taxpayers check their personal information, especially one’s name, Social Security number, bank account number, and bank name before filing their returns “to avoid delays and inconveniences with the deposit of refunds, where applicable.” adding that direct deposit is the “fastest and safest way” to receive a refund.
“Taxpayers will be constantly informed about everything concerning the Tax Cycle through our social media and by accessing the Department’s website. We will also be educating them through the media and with service initiatives that will be organized in different municipalities,” added the secretary.
Regarding the Refundable Incentive, Pérez-Méndez said that work on the programming will begin as soon as the joint resolution is passed by the legislature “with the parameters, and it is expected that this programming will be completed after the end of the Tax Cycle,” a release reads.
He emphasized that eligible taxpayers will not have to take any additional action beyond filing their 2023 tax return. “Largely, this benefit will be awarded to working-class individuals who do not qualify for the Earned Income Tax Credit,” according to the release.
The Refundable Incentive will be automatically calculated using the information from the tax returns filed. To be eligible, taxpayers must have filed their Individual Income Tax Return for the 2023 tax year on time, that is, no later than Monday, April 15, 2024, or Tuesday, Oct. 15, 2024, if they requested an automatic extension on time.
“In addition, to be eligible, the individual must have been a bona fide resident of Puerto Rico for the entire tax year and have a net income subject to taxation of $250,000 or less,” Treasury said.
Fuente: News is my Business
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