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Total Basis for Backdoor Roth IRA
For the last 4 years, I have been performing backdoor Roth IRA.
I contributed the max allowed ($6500/$7000) AFTER-TAX dollars to Traditional IRA, and then converted all of that to Roth IRA each year. I have an $ amount in Total Basis (including in prior returns). Should the Total Basis always be $0? Have I been doing it wrong all these years?
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March 14, 2025
1:17 PM