MK100
Returning Member

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?