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Level 3

Question

IRA Basis

Forum|Forum|4 years ago
April 18, 2022
1 reply
4 views

Let's say that at June 1 2020 my Traditional IRA has a balance of 0. Then on Feb 1 2021, I make a nondeductible contribution of $6000 and immediately convert it to a Roth. On Feb 1 2022, I make a nondeductible contribution of $6000 and immediately convert it to a Roth. What is my traditional IRA basis at Dec 31. 2020 and what is my traditional IRA basis at Dec 31. 2021?

Thanks

Tom

Level 10

If the first $6000 is a contribution for tax year 2020, your basis as of 12/31/2020 is $6000. If the 2nd $6k is a contribution for 2021, your basis as of 12/31/2021 is $6k.

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TomDxAuthor

Level 3

Thank You!

Level 15

this is all shown on your Form 8606 if you filed it correctly.