Traditional IRA conversion
If you have contributed to a tradional IRA and were not able to deduct it, do you get a cost basis when converting to a roth ira? How does this work?
If you have contributed to a tradional IRA and were not able to deduct it, do you get a cost basis when converting to a roth ira? How does this work?
Permalink Submitted by Justin Howard on Mon, 2008-02-11 16:33
Yes. You should be filing out Form 8606 to keep track of non-deductible basis in IRAs. This information is then used when IRA is converted to Roth.