non-deductible contribution into pretax IRA calculation
I have a client who is making non-deductible contributions into an existing IRRA with rollover assets in it. I can do the 8606 calculations, but her question is how much of the Roth conversion is actually existing pre tax dollars? Is it the basis amount on the 8606 form?
Permalink Submitted by PaulC on Fri, 2024-03-22 16:37
I’m not sure I understand your question. The form 8606 is used to track the non-deductible contributions over the years and to document the taxable and non-taxable portion for any distribution or conversion. The basis amount on the 8606 is used for that pro-rata calculation.