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Retirement tax questions
Yes, you will receive a credit for foreign taxes paid to Spain. The credit is issued as non-refundable credit that reduces the tax liability based off of your taxable income for the year. If you are unable to use the full amount of your credit, the unused portion is carried over into subsequent years until the full amount of the credit is used.
To report this inTurbo Tax:
- Go to deductions and credits
- Estimates and other Taxes paid
- Select Foreign Tax Credit
- Continue through the questions that determine your eligibility for the credit.
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‎January 21, 2021
11:35 AM