Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have dual citizenship US and Spanish. I receive SS and a…

Customer Question
I have dual citizenship US...
I have dual citizenship US and Spanish. I receive SS and a Wisconsin Teachers pension. I live in Wisconsin. I want to go and reside in Barcelona. Is it possible to have my checks deposited in a bank in Spain or have them deposited in the US and then have the bank transfer the money every month to a bank in Spain. I would like to pay taxes here. I have my money with TRowePrice and have to every year make the required minimum distributions. Also what is the amount that I can send to a bank in Barcelona. Besides here I am Maria Teresa Olsen but inn Spain we keep our maiden name. Maria Teresa Ubide.
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 13 minutes by:
1/30/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,872
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

As a US citizen you would still need to report all your income to the US. Your tax reporting does not change even if you move to Spain.

Your SS can continue even though you are outside the US.

Transferring the money to a bank in Spain would not be disallowed but that opens you up to an additional reporting possibility. FATCA. The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.

The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) (formerly TD F 90-22.1). An individual may have to file both forms and separate penalties may apply for failure to file each form.

As afar as how much you can move to the bank in Spain you would have to speak with the US bank.

Whether the Wisconsin Teachers Pension can direct deposit to a foreign bank is a procedural question you should broach with the state plan. Here is a link to the change form

http://etf.wi.gov/publications/et7282.pdf

I know rating takes an additional step and I truly appreciate it when you take the extra time!
You have to actively click on a rating (OK or Better) and click submit. Smiley Faces or Stars.
When you actively click on a rating and click submit, that lets Just Answer know you were assisted and credits me for the time.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

After you view my response, please post below

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,872
17,872 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,872 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Capital gains tax on nonresident alien. A foreign trust owns
Capital gains tax on nonresident alien. A foreign trust owns 100% of shares of a US C corporation. C corporation is privately held (not publicly traded) and conducts business in the US. Then C corpora… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do you offer assistance with Form 1040-ES? These are
these are estimated quarterly taxes for this year 2018 … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
On form 1040 line4 21 other income. is this where i should
on form 1040 line4 21 other income . is this where i should enter an amount shown from my pensiopn payments form 1099R … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
110 satisfied customers
I am looking at form 3520 and a foreign individual gave me a
Hi, I am looking at form 3520 and a foreign individual gave me a gift, … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Tax question: If I filed form 1040 online and it was
Tax question: If I filed form 1040 online and it was accepted and afterwards I filed form 4868 and it says accepted, does this extend the FBAR? Please provide IRS references. Thanks! Jonathan Wyman, C… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Foreign funds related - if the foreign asset is more than
Second opinion] foreign funds related - if the foreign asset is more than 10K in foregin bank account, and 100% of that fund was actually transferred from US bank. which means all the US tax on that f… read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Foreign funds related - if the foreign asset is more than
foreign funds related - if the foreign asset is more than 10K in foregin bank account, and 100% of that fund was actually transferred from US bank. which means all the US tax on that fund was paid to … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,872 satisfied customers
How to report foreign income on which Tax has been withheld
How to report foreign income on which Tax has been withheld in foreign country and tax return in the country is filed as per their rules. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,872 satisfied customers
I'm looking for a definition for form 8938 Pt III (g)
I'm looking for a definition for form 8938 Pt III (g) credits. For example dividends from an investment account are automatically deposited to a chacking account. Does the amount show up as "diveinde"… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Are beneficiaries required to report K-1 credits on the Form
Are beneficiaries required to report K-1 credits on the Form 1040, or is at our discretion? I'm using TAXACT software. The Form 1041 K-1 Final Year Deductions only shows credits on Line 11 A and C. Th… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I see Form 1040 is for misc income. Does that activate a
I see Form 1040 is for misc income. Does that activate a self employment as? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Taxes Where doe do you report foreign source income from a
TaxesWhere doe do you report foreign source income from a 1099-div There are amounts in boxes 1a-6 that I already entered in Schedule B and the dividend income statement. I entered the Foreign tax pai… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Section 962 election A US individual owns a foreign
Section 962 election A US individual owns a foreign corporation which generates GILTI income. Can the US individual make a section 962 election (to be taxed at corporate rates) and therefore pay only … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,872 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
248 satisfied customers
The address one uses on the first page of form 1040 is the
The address one uses on the first page of form 1040 is the mailing address or the address of residence?… read more
abci168
abci168
Principal
27 satisfied customers
Reporting pension and social security income on both Forms
Reporting pension and social security income on both Forms 1040 and 1041? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x