DanaB27
Expert Alumni

Deductions & credits

If this is your first time making a nondeductible contribution to a traditional IRA then you do not have a prior year basis and will enter $0 as the basis.

 

If you contribute and convert in the same year your prior year basis will always be $0 (assuming that this is your only traditional, SEP, SIMPLE IRA and it is empty at the end of the year).

 

 

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