Tax return for people 65+, low-income retirees available now
The updated Form 481.1 for taxable year 2022, which is used to request the credit for people aged 65 or older and the compensatory credit for low-income pensioners, is now available, Treasury Secretary Francisco Parés announced.
“Credits for low-income seniors and pensioners are available to claim through our SURI [Internal Revenue Unified System] platform until October 16, 2023. The electronic filing requirement has been in force since 2019 and has received the support of these taxpayers from the beginning, mainly because it facilitates filing and expedites the deposit of credits,” he said.
“We urge all qualified people to complete and file Form 481.1, using their accounts in SURI or through the payroll specialists certified by the Treasury, without the need to register on the platform,” he said.
Those eligible for the credit are individuals who, as of the last day of taxable year 2022, are 65 years or older, have a gross income not exceeding $15,000 per year, and have not been claimed as dependents on another taxpayer’s return for the taxable year,
“In the case of married people, each spouse will be entitled to claim the senior credit, provided that the aggregate income of both taxpayers does not exceed $30,000,” Parés added.
For taxable year 2022, the senior credit will be $400, as the Treasury Department complied with the test of net income to the General Fund, established in the Puerto Rico Internal Revenue Code of 2011.
In the case of the compensatory credit for low-income retirees, retirees from the Government Employees Retirement Systems Administration, the Teachers Retirement System, the University of Puerto Rico, the Puerto Rico Electric Power Authority and private sector retirees may opt for it, regardless of their age.
The personal compensatory credit is $300 for people whose only source of income is a pension for services rendered, and it does not exceed $4,800 per year. Married pensioners may claim the credit separately because total income will not be considered in aggregate.
