Yes, if you make a non-deductible Traditional IRA contribution of $6000 for 2022 and $6500 for 2023, then your basis will be $12,500 at the end of 2023.
Be sure to include the non-deductible 2022 contribution to the Traditional IRA as part of your 2022 tax return. This will report the $6000 as part of your basis on Form 8606.
Then, enter the non-deductible 2023 contribution to the Traditional IRA as part of your 2023 tax return. This will add $6500 to the basis of the IRA for a total of $12,500.
[edited 3/1/2023 | 6:03 am PST]
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