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Retirement tax questions
Thanks for that response.
In my case, I had some income coming from renting an apartment in Spain. Therefore:
- I report the income of that as income from a rental property in Spain
- I paid taxes in Spain, in particular, 24% of that income.
- I report these taxes in TurboTax as a foreign tax credit
However, TurboTax tells me that my itemized deduction is lower than my standard deduction, therefore, nothing changes when adding the foreign tax credit.
Am I doing something wrong? Looks like whether to report the foreign tax credit or not doesn't change anything. Is that possible?
Thank you!
‎February 28, 2021
10:06 PM