U.S. Tax-Exchange Rates

In 2018, the income limits for all tax brackets and all filers will be adjusted for inflation. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of $500,000 and higher for single filers and $600,000 and higher for married couples filing jointly.

Tax Rates for 2018
Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over For Heads of Households, Taxable Income Over

10%

$0 $0 $0

12%

$9,525

$19,050 $13,600

22%

$38,700

$77,400

$51,800

24%

$82,500

$165,000

$82,500

32%

$157,500

$315,000

$157,500

35%

$200,000 $400,000

$200,000

37% $500,000 $600,000

$500,000

Standard Deduction and Personal Exemption

The standard deduction for single filers will increase by $5,500 and by $11,000 for married couples filing jointly.

The personal exemption for 2018 is eliminated.

2018 Standard Deduction and Personal Exemption

Filing Status

Deduction Amount

Single

$12,000

Married Filing Jointly

$24,000

Head of Household

$18,000

IRS Average Exchange Rates

You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently.  However the IRS does publish      a list of Yearly Average Currency Exchange Rates that can be used to compute exchange rates for income earned over a calendar year.

Country Currency 2017 2016 2015 2014
Afghanistan Afghani 71.086 70.645 63.653 59.771
Algeria Dinar 115.876 114.431 104.883 84.242
Argentina Peso 17.227 15.359 9.617 8.448
Australia Dollar 1.358 1.400 1.345 1.154
Bahrain Dinar 0.395 0.395 0.395 0.394
Brazil Real 3.322 3.632 3.468 2.451
Canada Dollar 1.350 1.379 1.329 1.149
Cayman Islands Dollar 0.884 0.886 0.885 0.883
China Yuan 7.030 6.910 6.489 6.394
Denmark Krone 6.864 7.000 6.991 5.844
Egypt Pound 18.586 10.462 8.044 7.399
Euro Zone Euro 0.923 0.940 0.937 0.784
Hong Kong Dollar 8.105 8.073 8.062 8.065
Hungary Forint 285.583 293.083 290.638 242.076
Iceland Krona 111.231 126.256 137.471 121.574
India Rupee 67.809 69.956 66.768 63.469
Iraq Dinar 1241.677 1236.453 1231.234 1228.786
Israel New Shekel 3.746 3.997 4.052 3.723
Japan Yen 116.667 113.138 125.911 110.101
Lebanon Pound 1593.969 1593.639 1588.880 1591.284
Mexico Peso 19.679 19.435 16.505 13.840
Morocco Dirham 10.230 10.279 10.206 8.828
New Zealand Dollar 1.465 1.494 1.492 1.255
Norway Kroner 8.606 8.745 8.392 6.558
Qatar Rial 3.850 3.791 3.790 3.794
Russia Rouble 60.692 69.685 63.659 40.118
Saudi Arabia Riyal 3.903 3.903 3.903 3.902
Singapore Dollar 1.437 1.437 1.430 1.318
South Africa Rand 13.859 15.319 13.281 11.286
South Korean Won 1178.585 1211.121 1179.128 1098.233
Sweden Krona 8.894 8.910 8.775 7.138
Switzerland Franc 1.024 1.025 1.001 0.952
Taiwan Dollar 31.683 33.586 33.089 31.566
Thailand Baht 35.372 36.778 35.679 33.841
Tunisia Dinar 2.513 2.237 2.044 1.771
Turkey New Lira 3.794 3.146 2.834 2.276
United Arab Emirates Dirham 3.821 3.821 3.821 3.821
United Kingdom Pound 0.808 0.770 0.681 0.632
Venezuela Bolivar (Fuerte) 10.452 9.447 6.562 6.555