![]() The instructions for Form 1116 walk you through each line item and include worksheets. If you choose the accrual method, you generally use the average exchange rate in effect during that tax year. The conversion rate you use should be the rate in effect on the day you paid the foreign taxes or the date they were withheld. dollars, except where otherwise specified. You should convert all amounts you report on Form 1116 to U.S.
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