IRA to ROTH IRA conversion and impact on Traditional IRA Basis and ROTH IRA Basis

[Yakman]

In 2020, I contributed $5000 in after-tax dollars to a Traditional IRA and immediately converted $4000 to a ROTH.  Am I correct in stating that this increases my Traditional IRA basis by $1000 and my ROTH IRA basis by $4000?  Thank you

[fanfare]

it all depends on the year-end value of your IRAs and your prior years basis before you took this action.

@Yakman 

[Yakman]

Got it, thanks fanfare.  I was able to test this out in TT