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

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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
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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: 18,383
Experience: 15years with H & R Block. Divisional leader, Instructor
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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

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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