Exchange rate for foreign earned income

[choyeonkim]

Hi, I'm currently working abroad and need to file last year's tax report entirely based on foreign earned income. On Turbotax, I see that I have to enter my FEI in US dollars. Is there any currency conversion rule or rate that I must follow when I convert my income in local currency to USD?

I appreciate your response in advance. Thank you.

[HelenaC · Accepted solution]

Yes, you may use the Yearly Average Currency Exchange Rates | Internal Revenue Service. Scroll down the page to see the exchange rates.

[bepknoester]

those are not correct. euro vs dollar was 1.13 and not 0.923 for 2017

[M42]

A better resource for foreign exchange rate data is the St. Louis Fed Economic Research unit -- <a rel="nofollow" target="_blank" href="https://fred.stlouisfed.org/categories/15">https://fred.stlouisfed.org/categories/15</a> -- where they provide daily, monthly, yearly exchange rates for many major currencies.