- 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?

laveeshr · ‎March 31, 2025

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!

DaveF1006

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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- 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?