3053160
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

MK100
Returning Member

Does backdoor Roth IRA conversion reduce the total basis on next year's 8606 form?

If I backdoor all of the balance in my traditional IRA into Roth IRA in 2021  and left $0 in the traditioanl IRA account.

 

Then when I file my 2022 tax return, would  my total basis (line 2) becomes $0 in the 2022 8606 from ? 

 

I would think so as my total non-deductible IRA contribution made before 2021 has been used to offset the 2021 backdoor Roth IRA conversion amount. Am I right?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question