- Foreign taxes paid in foreign currency and you converted the amounts to U.S. dollars
I used IRS conversion rate of 1.37 for 2024 taxes. Is that not covered by turbotax?
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!
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1 Replies
DaveF1006
Expert Alumni
Apr 1, 2025 1:31:15 PM
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.