@DanaB27
Thanks for the info, and you have been such a big help. So even though that $8k that was converted was already after tax dollars, we have to essentially pay more tax on it bc we had pretax money left in our traditional? If so, that’s a bummer.
“The leftover basis of $5,712 can be used for future distributions and conversions.”
So even though that $8k that was converted was already after tax dollars, we have to essentially pay more tax on it bc we had pretax money left in our traditional? If so, that’s a bummer.
So going forward, if we have converted everything over after tax and all that is left is pretax in traditional IRA ($0 after tax in traditional) where and when would this $5712 be needed for future taxes purposes? Can you please explain how it is leftover basis if it’s been all converted? Thanks
