DanaB27
Employee Tax Expert

Get your taxes done using TurboTax

To confirm, you converted the contribution for 2022 in 2023 and you made in 2023 a contribution for 2022 of $6,000 (reported on your 2022 return) and for 2023 of $6,000? When did you convert the contribution for 2023?

 

Yes, if you converted less in 2023 because of a loss then the rest of your basis will be carried forward and can be used for future gains. If you convert the 2023 contribution in 2024 at $6,030 and you have the basis of $6,070 from 2023 then you won't have any taxable income (assuming you don't have any pre-tax funds in your traditional/SEP/SIMPLE IRAs).

 

 

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