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Does backdoor Roth IRA conversion reduce the total basis on next year's 8606 form?
If I backdoor all of the balance in my traditional IRA into Roth IRA in 2021 and left $0 in the traditioanl IRA account.
Then when I file my 2022 tax return, would my total basis (line 2) becomes $0 in the 2022 8606 from ?
I would think so as my total non-deductible IRA contribution made before 2021 has been used to offset the 2021 backdoor Roth IRA conversion amount. Am I right?
‎April 21, 2023
11:27 AM