Question

Puerto Rico resident and interest earned from credit union.

Forum|Forum|1 year ago
February 19, 2025
1 reply
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I previously asked this question but may have not included a possible pertinent fact. I am a resident of Puerto Rico with a pension from the mainland. I file my 1040 every year and include the interest I receive from a US bank with no branch on the island. Last year I joined a Credit Union that has branches on the island. When I called the Credit Union regarding the 1099 INT, I was informed that they do not generate one for Puerto Rico residents. Therefore, my question is as follows. Due to the fact that they have branches in Puerto RIco, is the interest generated considered originating from Puerto Rico and exempt from inclusion on my 1040. Note: they do have branches on the mainland including their main office?

Not A Product Question

M

MAK70

Yes, if you receive the interest from the Puerto Rico branch, you will include it on the PR and do not include it on your 1040.

H

handyman02Author

Thank you very much for your wisdom and insight. I thought as much but wanted to verify with an expert.

H

handyman02Author

Now the only mystery is why the Credit Union refuses to issue the 1099 INT to residents of Puerto Rico. I am using my year end summary to include the total amount of the dividends on my 1040.