Hello,
I have been struggling with my IRA basis questions. This is my second year with a backdoor Roth IRA . My first year I put zero due to turbo tax telling me to if I have not filed a 8606 form before. Come this year I get the same question, but now I'm confused because I don't think it should be zero again because it's not my first year..
A little background: My first year i put 1.5 k into a nondeductible traditional IRA and convert it all of it to a roth. I ended up gaining 50, so I pay the taxes for that. My second year I put 6k into a nondeductible traditional IRA and then convert all of it (leaving the value of the traditional at zero) over to a roth right before the end of the year. The value of the traditional before I convert it is around 7k.
In this scenario, what is my total IRA basis?
