Originally Posted by ExpatCM
Thanks for the reply
Perhaps I worded poorly. I said non USD but meant to imply that I’d convert the local interest figures to USD using the year end average exchange rate set by the treasury.
So it sounds like it depends if it’s more or less advantageous for a given tax year if I’m understanding you correctly? I’d like to not include them this year so as to increase the amount I can use as a withdrawal conversion from a traditional IRA to a Roth IRA and not generate enough taxable income to necessitate filing a tax return. I know the standard deduction is increasing to 24K for a married couple filing joint so that helps us.
Can anyone definitively confirm this response from IRS guidelines?
We are doing similar financial gymnastics while we do IRA to Roth conversions, so can appreciate the difficulties faced. I guess that you aware that the published Treasury rate for FBAR reporting is the spot rate as of December 31st and not the published average that the IRS provides.
For FBAR use this:
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs