KarenJ
Intuit Alumni

Deductions & credits

The foreign exchange rate gain is reported on Schedule 1, line 8 and then Schedule 1, line 9 (which includes all your additional income) is transferred to line 7a of your 1040.

The exchange gain is considered ordinary income and not capital gain income.

When your return is open:

  1. Click on Federal taxes at the top of the screen
  2. Click on Wages & Income
  3. Scroll all the way down to Less Common Income
  4. Scroll down to Miscellaneous Income, 1099-A, 1099-C
  5. Click on start
  6. At the bottom of the list, click on Other reportable income
  7. Click Yes for other taxable income
  8. Enter description such as Foreign Exchange Rate Gain and the amount

[Edited 03.22.20 | 2:02 pm]

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