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Reply to "explain basis to me (as in taxes and retirement accounts)"
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[quote=Anonymous]So I just finished my taxes and my TaxAct estimate of taxes owed was about $2500 less than when I did it on TurboTax. If I made a mistake, it was probably in trying to figure out the basis stuff after doing a backdoor roth IRA (so converting my traditional IRA to a Roth IRA). Can anyone explain what exactly basis is and explain it like you are speaking to a 5 year old? Was anyone else confused while filling out the retirement section on TaxAct? [/quote]
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