RU2
Level 3

Retirement tax questions

Thanks for note. Yes it ties to last year’s line 14 form 8606 but that had the carry forward error ie missing the basis from the prior year, so, cumulatively, most of the basis is missing.

 

I’ve established the basis needs to be corrected and TT is allowing me to do that with an explanatory statement. I’m wondering what to put on that explanatory statement. Any thoughts?