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What exactly is cost basis for a traditional IRA?
H, I am just a little confused about entering this number in cost basis at end of December 2020. We usually contribute nondeductible to traditional then convert to Roth right away as to not have any money in the traditional by end of year. When it asks us this question, and let’s say we contributed an even $6000, however at the end of year 2020 there was $0 in traditional, do we put $6000 here, what was on our 5498 for year 2020, what is on our 1099-R, or $0 since nothing remains in the traditional? Thank you
February 24, 2022
6:53 AM