TurboTax Form 8606 Question

From TurboTax Form 8606-S -- Explanation Stm: Detailed Explanation-1 must be completed. Enter your explanation here to complete the Basis Adjustment Explanation Statement. What do I put for Basis Adjustment Explanation? I assume this is something to do with me converting part of an ira to a roth and having non deductible ira contribution's in years past and never filing a 8606 before. Thanks Phil

Reply to
Phil
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You were supposed to be filing 8606 forms when you made non-deductible IRA contributions. I assume that they want you to explain why you didn't file the 8606 forms and to justify the IRA basis that you are claiming now. I am not an expert. You might want to call the IRS and ask them what they want on the form.

Reply to
John

Thanks did that, looks like some good info. will look in depth later.

Reply to
Phil

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