@ga hiker wrote:
Thank you so much for your responses.
Yes, I did correct the prior basis amount in the interview. It then asked for an explanation for why my entered amount was different than the Turbotax amount. I entered an explanation. Will this explanation go to the IRS? Should I remove the explanation?
Using the CD version, I did transfer data from my 2020 return. I just looked at the "IRA Information Worksheet" part III line 12 and it has the correct amount, $3,077. Is this because of my override entry above?
If you looked at the worksheet after changing it in the interview then yes, changing in the interview would also change it in the worksheet.
If there is an explanation statement in the forms list (that you will see in the forms mode) then, that will be sent to the IRS.
If you have the 2020 software installed, you can open your 2020 .tax file and see what is in the "IRA Information Worksheet" that would be carried to 2021 to track down when the error occurred.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
