I got Form 5498 at end of the year along with 1099 R. So, what i have learnt so far, even though IRA service providers like Fidelity allow you to contribute to non-deductible IRA for past year uptil April 15, you will have tax incidence. To get tax fee conversion to Roth, one must have $0 balance at the end of the year for IRA. Is that true?
What is a basis? Having basis from past year reduces one's tax in following year? I couldn't find non-confusing definition of it.
