Foreign Income Calculations

[fanboy]

Hi,

I'm a US citizen now living in the UK and I'm wondering how to calculate GBP to USD for each month of the year for 2022?

The UK has a monthly exchange conversion chart to convert USD to GBP for reporting my US income to the UK. For example, my October US income of $3,580 is divided by 1.1331 to equate to £3,157.47 of taxable income to the UK; my April US income of $3,580 is divided by 1.3212 to equate to £2,709.66 of taxable income to the UK.

Does the IRS provide a similar chart (in reverse) so I can report my income to the IRS? I know the maximum exclusion amounts, but I still need to know the answer to my question for future reference.

Thanks much and Happy New Year!

Frank

[DoninGA · Accepted solution]

Not a month to month from the IRS.  But they do have a Yearly average currency exchange rates website and links to the US Treasury website where you may get monthly exchange rates.

This is the IRS link but note it has not yet been updated for 2022 - https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

[fanboy]

Thanks much for your reply and IRS web page link!  That helps a lot!

All the best!

~ Frank