I have a tradditional IRA account at fidelity. I have contributed $6K every year since 2012 to my tradditional IRA . I also filed a 5498 for long with my tax filing every year since 2010. 5498 is a tax form stating that my contribution is a non-deductible after-tax contribution. I was never awared of the back door roth conversion until recently. My total contribution on paper is $60K from 10 years of contribution, however, the total is now only $50K due to loss from bad stocking. I lost $10K of my 10-year accoumulation of IRA contribution from bad stock trading.
If i do the back door roth conversion today, can i convert all $50K into an Roth IRA account? and how can the IRS know that $50K is from 10 years of accumulation and that 50K was not from a single year of contribution.
Which tax form is required to this roth tax conversion? is it the 8606? Thanks
