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My IRA account gained income tax-exempt interests. Do I have to report the disbursements of my IRA account in my income tax return?

Yes. From the amount you received or was disbursed, the portion corresponding to principal must be included as ordinary income. However, the portion corresponding to income tax-exempt interests are excluded from your income tax return, and therefore, you do not have to report it.  

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We encourage you to consult the following information regarding useful and accessible solutions for you.



FDIC Member. Products and services offered by Banco Popular de Puerto Rico.

1Withdrawals are subject to the availability of funds in your account.

2Deposits are subject to the provisions of the Bank’s Funds Availability Policy. Easy Deposit Mobile is a free service and only for Banco Popular customers with individual deposit accounts and/or commercial accounts (FlexiCuenta de Negocios® & B-Smart®). Customers selected in accordance with the Bank’s eligibility criteria. Checks deposited before 6:00 p.m. of a business day will be processed the same business day, subject to verification and deposit validation. In the back of the check to be deposited, enter your signature, account number and the phrase “For Deposit Only at BPPR.”