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Puerto Rico recently adopted rules that reduce the taxes on certain distributions for "eligible expenses" related to Hurricane Maria. An eligible expense is any expense incurred by you or your ascendants (parents, grandparents, etc.) or descendants (children, grandchildren, etc.) to:
• cover losses resulting from Hurricane Maria;
• cover extraordinary expenses incurred to cover basic needs after Hurricane Maria; or
• compensate for unearned income after Hurricane Maria.
You may contact the Annuity Department directly at 800-456-3863, to check eligibility, request an application and ask further questions regarding this issue. This tax relief ends effective June 30, 2018.