foreign tax credit and currency conversion

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LisaS
Posts: 8
Joined: Tue Feb 11, 2014 7:22 pm
Location: North Carolina

foreign tax credit and currency conversion

Post by LisaS »

I had an accountant prep my taxes last year, which included a fairly large income from Canada - about $30000 including fellowship and RRIF income). I've just noticed that on my 1116 form, the accountant has does something funny with the Canadian income. They have in column A listed the total in Canadian dollars, and in the "total" column listed an amount slightly larger (by about $100) than the amount listed in column A, with "SEE STMT" in that box. I don't have the statement.

Does anybody have any idea what they've done here? The currency conversion they used for the rest of my return would have meant the US$ amount would be smaller than the total in Canadian dollars (this was tax year 2012).
nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

All figures on yoru US return are in US dollars, except one place on the 1116 which you show in foreign currency.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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