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
TurboTax Form 8606 Question
Mar 07, 2008
3 Replies
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.
Suggest you take a look in Googles forum - misc.taxes.moderated. Just tried a search on "Form 8606-S" and turned up several threads on this topic - might give you some further guidance.
Thanks did that, looks like some good info. will look in depth later.
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