Conversion from IRA to Roth IRA is taxable. I had some nondeductible IRA contribution before Roth IRA available. So when I did some IRA conversion, the nondeductible part of traditional IRA had been tracked with Form 8606, and the taxable amount reduced. I wonder if I can skip this tracking for a year or two, and pay the full tax for Roth conversion.
For example, I have IRA conversion in 2016, and I want to skip the 8606 form, and pay the full tax for the Roth conversion in year 2016. If I convert to Roth IRA in 2017 I want to track nondeductible IRA again, I would use the previous year's 8606 form (for tax year 2015 in this case), as the Total Basis in Traditional IRAs. Does it work this way?
Thanks for any advice.
