Hi,
Just to make sure I'm understanding this correctly:
I have a Traditional IRA account with no balance in it at all. If I make non-deductible contribution for year X in year X and immediately converting the full amount to my ROTH account during year X, leaving zero balance in the Traditional IRA account again, then when I file my Form 8606 every year during tax time, Line 2 (total basis in traditional IRAs) and Line 14 (total basis in traditional IRAs for year X and earlier years) should always be zero. Right?
thank you so much.
