Roth IRA Conversion where traditional IRA has basis
I have a client who will do a partial conversion of a traditional IRA with some basis from non-deductible contributions. How do you treat the basis when you declare the amount of taxable income from the conversion?
Thanks!
Permalink Submitted by mk foss on Sun, 2008-12-07 01:16
Form 8606 is used to recover basis on IRA distributions. It’s used for Roth conversions as well.