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L
laveeshr
April 1, 2025
Question

- Foreign taxes paid in foreign currency and you converted the amounts to U.S. dollarsI used IRS conversion rate of 1.37 for 2024 taxes. Is that not covered by turbotax?

  • April 1, 2025
  • 1 reply
  • 0 views
Ran into this "uncommon situation" with Foreign Tax Credit and wanted to understand if I need to find a local CPA for help here because as per TT, this is not supported by TT online. Would appreciate any help here!

    1 reply

    DaveF1006
    DaveF1006
    April 1, 2025

    TurboTax doesn't set the conversion rates because these rates change often. TurboTax doesn't have a built-in currency converter to track these changes. You would need to make those determinations by using a reliable currency converter.

     

    Here are some reliable currency converters you may use.

     

    Oanda currency converter

     

    Wise Currency Converter

     

     

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