How much would the TOTAL BASIS in two Traditional IRAs below be?
Traditional IRA-1
Started with 7 ($2K each/ yr) Non-Deductible Contributions years 1994-2000—but only 2 of them (totaling $4000) were reported on Forms 8606 by tax preparer-accountants for the respective tax year and carried forward.
Traditional IRA-2
Initially funded from liquidation of a Qualified IRA-type Annuity of $120K
$60K was converted from IRA-2 to a Roth-IRA, where the $4K (Total basis in IRAs) was applied to determine the taxable amount of $56K for the conversion on Form 8606.
The other $60K remained in the Traditional IRA-2
There has been no other conversions, distributions, contributions, or withdrawals to either of these 2 Traditional IRAs since.
How much would the Total BASIS in Traditional IRAs remain to carry forward?
Was the $4K of BASIS documented on Forms 8606 depleted in the 2010 Roth Conversion?
What could be done regarding the $10K of lost BASIS in IRA-1?
Thanks
