In answer to your questions:
- Yes. A description will be fine.
- Generally, the IRS wants to use the exchange rate prevailing (i.e., the spot rate) when you receive, pay, or accrue an item. However, you can use the annual rate if you earned income equally throughout the year.
- If all your income was foreign earned income, it would equal your adjusted gross income, unless you elected to use the foreign earned income exclusion.
- Benefits vary by country and even within a country. I suggest you speak with a local accountant who handles U.S. returns.
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