I do not see any generated form 5329 in my list of forms (Additional Taxes on Qualified Plans and Other Tax-Favored Accounts). After reviewing this video this seems to clearly explain that my single non-deductable contribution to my IRA will be partially taxable, due to the basis calculation. I total missed this point when making the IRA non-deductible contribution and thinking in the future I would not pay any tax on that contributed amount. This is the video on found on internet.
https://www.youtube.com/watch?v=IElAs_Hcw7I
