Yes, only a small amount is nontaxable because you had pre-taxed funds in your traditional IRA and therefore the pro-rata rule applies. You can see the calculations on the "Taxable IRA Distribution Worksheet". The rest of your basis is listed on line 14 of Form 8606 and can be used in future distributions/conversions according to the pro-rata rule.
@xboilermaker
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
