TP had a traditional IRA basis last reported (on the contribution side) on Form 8606 in 1992. Began taking RMD’s at 70 ½ (2003). Basis was factored and correct return of contribution / taxable amount was figured on the 8606 until 2012 when former preparer retired. His 2 preparers since then reported his distributions as fully taxable.
When factoring the taxable amount in 2018, do I:
a) Need to factor his (2018) basis down as if he had taken his nontaxable portions in years 2012-2017? (I realize that I can amend 2015-2017)
b) Or can I simply use his remaining basis in 2011 as my starting point?
My searches have produced nothing …….