Nondeductible IRA convert to Roth
Client a nondeductible IRA, Assuming we know the basis can they convert that basis and or the growth portion to a Roth. if yes, then what portion if any would be currently taxable.
Client a nondeductible IRA, Assuming we know the basis can they convert that basis and or the growth portion to a Roth. if yes, then what portion if any would be currently taxable.
Permalink Submitted by Alan - IRA critic on Thu, 2024-02-29 18:54
If client has no other IRA balance beside the ND contribution, only the amount converted that exceeds the contribution will be taxable. This is calculated on Form 8606.