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Deductions & credits
So just to make sure, if I contribute 6500 post tax (non-deductible) to Traditional IRA and convert it in the same year to Roth IRA (AKA backdoor conversion) then my basis on form 8606 will be 0?
The link below talks about the basis equalling the sum of all non-deductible contributions. That seems to be at odds with the advise I am getting from both responses.
https://smartasset.com/retirement/total-basis-in-traditional-iras
March 15, 2024
9:11 AM