AJ:
Say I do make another $5,000 non-deductible contribution in 2022. Then my cost basis would be $20,000. The value would be 17,000. Now, I convert the IRA to a Roth IRA. Does this mean I will have $3,000 cost basis for future use?
Thank you, Ken.
AJ:
Say I do make another $5,000 non-deductible contribution in 2022. Then my cost basis would be $20,000. The value would be 17,000. Now, I convert the IRA to a Roth IRA. Does this mean I will have $3,000 cost basis for future use?
Thank you, Ken.