Since 2017 I have contributed the maximum IRA amount and immediately converted to Roth (in 2017 I made two contribution, one for 2016 and one for 2017). All contributions have been non-deductible and I have zero balances in any traditional IRA, SEP, or SIMPLE plan. Does the roth conversion reduce the non-deductible basis on form 8606 or should all the contributions (even though they have been converted to roth) be included in the basis?
I believe my form 8606 had indicated zero on line 2 for a couple years and then all of a sudden it began showing a cumulative amount. I'm just trying to figure out what is right and how to correct it.
My non-deductible contributions are as follows:
2016- 5500 (immediately fully converted to roth)
2017- 5500 (immediately fully converted to roth)
2018- 5500 (immediately fully converted to roth)
2019-6000 (immediately fully converted to roth)
2020-6000 (immediately fully converted to roth)
2021- 6000 (immediately fully converted to roth)
should my current nondeductible basis be $0 or 34,500
Thanks in advance for any insight you can provide!
