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TurboTax Form 8606 Question Phil 03-07-2008
Posted by Phil on March 7, 2008, 12:08 pm
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 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

Posted by John on March 7, 2008, 1:58 pm
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> 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.



Posted by JM on March 7, 2008, 3:36 pm
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> =A0From 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.

Posted by Phil on March 7, 2008, 5:29 pm
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JM wrote:
>> 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.
Thanks did that, looks like some good info. will look in depth later.

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