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Does a Roth IRA to Roth IRA transfer affect basis on Form 8606?
Let's say I contribute $6,000 to my Roth IRA at Fidelity. I put it into a mutual fund and it goes up to $7,000. I then transfer the mutual fund position to my Roth IRA at Schwab. Does my Roth IRA basis (for Part III of Form 8606) go up by $1,000?
The IRS's instructions say:
Increase the amount on line 22 by any amount rolled in from a designated Roth account that is treated as investment in the contract.
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February 27, 2021
3:34 AM