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S
ssabcs
Level 2
May 13, 2025
Question

Canadian income to American dollars conversion-

  • May 13, 2025
  • 2 replies
  • 11 views

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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2 replies

sjrcpa
sjrcpa
Level 15
May 14, 2025

Attach a statement.

The more I know the more I don’t know.
    BobKamman
    BobKamman
    Level 15
    May 14, 2025

    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
      sjrcpa
      Level 15
      May 14, 2025

      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.
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