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Canadian income to American dollars conversion-

ssabcs
Level 1

how do i enter Canadian interest and pension income on US joint federal tax return. Where do i show conversion of Canadian dollars to American dollars?

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3 Comments 3
sjrcpa
Level 15

Attach a statement.


The more I know the more I don’t know.
BobKamman
Level 15

Since the Canadian amounts are not being reported directly to IRS, there is no requirement that you show your work on how the conversion was calculated.  An exception might be on Form 1116, Part 2, where the tax amounts are required in both the original currency and in US dollars.  I usually find a chart online that shows the average for the year, and use that -- when figuring monthly or quarterly payments, like pensions, dividends or royalties.  And I link entries to a pop-up box for my own notes on how I made the calculation.  

sjrcpa
Level 15

8938(?) and 5471/5472 also want conversion info.

But @BobKamman I don't show it for pensions either. Just have in my workpapers.


The more I know the more I don’t know.