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Topic: Rate for currency conversion?  (Read 1663 times)

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Rate for currency conversion?
« on: March 09, 2003, 06:12:43 PM »
Hi Helen!

I've downloaded the forms you suggested a few weeks ago and set about trying to decipher them this weekend.  So, as you might expect, I now have a fresh batch of questions for you!!!

1 - I note that on the 1040 and the 2555, they want the money I earned in the Uk converted to US dollars, and that the rate of this calculation should be made by using an average of the conversion rates over the year.  Do they publish the rate I should be using somewhere?  If not, how do I decide what rate to use?  Surely I don't have to go back and figure out the average for myself?!

2 - I haven't changed my name in the US yet on anything (even tho I've been here two years!)  I assume this means I should file in my maiden name only?

3 - When figuring out how much money I paid the UK government for Income taxes, do my NI contributions count towards this?  Or should I go back to my pay stubs and total up how much was tax and how much was for NI?

4 - I need to back file my 2001 returns (I was here the whole year but just never filed).  How do I get the 2001 forms?  

Well, that's it for now, I guess!  Oh!  And let's just *say* I get fed up with this quickly.  What are your rates for consulting and filing for people?

Thanks!!


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Re: Rate for currency conversion?
« Reply #1 on: March 09, 2003, 09:27:47 PM »
(1) Average exchange rate for 2002 is $1.5 to £1
(2) Yes.
(3)Only income tax and NOT NI contibutions are creditable tax for foreign tax credit purposes, You need to report and claim credit for UK taxes paid during 2002 on Form 1116.
(4) You can find prior year forms on the IRS website
(5) My fees for the preparation of returns depends on the complexity of the returns. I'll send you a separate e-mail with my price list.

Helen
HT TAX (US & UK Tax Services)
e-mail:h.tanhaie@ntlworld.com


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