Hello!
I made a traditional IRA using Merrill Lynch in 2019 using post- tax dollars. In 2021, I had attempted the back door Roth IRA, and made another traditional IRA with Charles Schwabb using post tax dollars, converted it to Roth IRA within a few days, no gain was made prior to conversion. Based on filling the form 8606 #1, non-deductible contributions be $6,000, and #2, total basis in traditional IRA, be $12,000? And step 6, "value of all traditional, SEP, Simple as of December" be $6,000 or $12,000? It seems based on the pro-rata rule I would have to pay 50% on the traditional IRA. Any guidance would be appreciated. Thank you so much.
