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which date for exchange rate? - URGENT!

backtousbacktous 63 replies41 threads Junior Member
edited February 2011 in International Students
I am US citizen, but my dad is not and works in Korea. I have his 2010 tax return statements ready 'in English' finally, but they are in Korean currency. All I have to do is convert those into US dollars.

My Q is which WEBSITE and DATE should I use for the exchange rate? Please, help! I am in a rush :<
edited February 2011
4 replies
Post edited by backtous on
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Replies to: which date for exchange rate? - URGENT!

  • b@r!um[email protected]!um 10287 replies175 threads Senior Member
    You didn't say what purpose the conversion is for.

    The IRS gives you a fair bit of leeway. (Google for details.)

    FAFSA instructions say to use the exchange rate of the day that you file the FAFSA.
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  • backtousbacktous 63 replies41 threads Junior Member
    ^To convert my dad's 2010 income from Korean currency into US dollars, as I had mentioned in my initial question. I have to send these to IDOC. Perhaps I was not clear enuf?

    Anyhow, should I use one day, any day, in 2010 for conversion? Or use the date that I am submitting my dad's statement?
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  • b@r!um[email protected]!um 10287 replies175 threads Senior Member
    I was asking for the purpose of the currency conversion because the guidelines vary with the recipient.

    FAFSA: use the exchange rate on the day you file the form (e.g. today's rate)

    CSS Profile: you get to pick the date. i suggest you use the same exchange rate as on the FAFSA so that the figures match, or else processing of your financial aid application might get delayed.

    IDOC: translate the documents but keep the original currency. do not convert the currency into USD.

    Unless of course your college gives you different instructions.
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  • backtousbacktous 63 replies41 threads Junior Member
    ^ Thank you very much!
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