TurboTax Form 8606 Question

[Phil]

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

 

[John]

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

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.

 

[JM]

 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

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.

 

[Phil]

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.