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What is the important source of income for Puerto Rico that makes up seven percent of its GNP?
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Does wage income reported in Puerto Rico also have to be reported in the US on Form 1040?
Excluding income from your U.S. tax return depends on whether you're a bona fide resident of Puerto Rico during the entire tax year. Generally, U.S. citizens and resident aliens who are bona fide residents don't report on their U.S. income tax return any income received from sources inside Puerto Rico. But any income received from sources outside Puerto Rico is reported on their U.S. income tax return. Resident aliens or U.S. citizens who aren't bona fide residents of Puerto Rico aren't allowed to exclude their Puerto Rico income. Instead, they're required to report all income from every source on their U.S. income tax return. Two helpful IRS publications are Publication 570 (Tax Guide for Individuals with Income from U.S. Possessions) and Publication 1320 (Special Instructions for Bona Fide Residents of Puerto Rico Who Must File a U.S. Income Tax Return). You can print them online at www.irs.gov/formspubs by clicking on 'Publication Number' and entering them in the Find Box
