I converted a portion of my Traditional IRA to my Roth IRA in 2022. I understand that I owe taxes on the gross distribution amount that was rolled over. When I enter this information in, it adjusts my taxes accordingly. So far so good. What I'm confused about is when I continue through the process it asks for my IRA basis and then asks for my value as of year end in my Traditional IRA. When I input this amount it takes another sizeable amount for taxes. If I change the year end amount the tax impact goes up and down. Why would the remaining value of my Traditional IRA impact the tax I owe? Shouldn't I only be taxed on the amount I converted to a Roth?
