2020 IRS Foreign Currency Average Annual Exchange Rates

2020 IRS Average Yearly Foreign Currency Exchange Rates

2020 IRS Foreign Currency Average Annual Exchange Rates: Each year, the IRS publishes its annual average exchange rates for taxpayers to use when converting or translating foreign income into USD.  It should be noted that the Internal Revenue Service does not require taxpayers to use any specific exchange rate. The exhcange rate should be reasonable, as to not bring on any unnecessary scrutiny from the. Recently, they published the average exchange rate for the tax year 2020, which has been reproduced below. As provided by the IRS:

Yearly average currency exchange rates

For additional exchange rates not listed below, refer to the governmental and external resources listed on the Foreign Currency and Currency Exchange Rates page or any other posted exchange rate (that is used consistently).  To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below.

2020 IRS Foreign Income Exchange Table 

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