I am not certain on this, so I would be interested in others chiming in, but my understanding is that after contributions, it the year of conversion (whether taxable or non-taxable) that is the most important (with the taxable vs. non-taxable distinction only being an issue for determining the order within a given year). So if one has both a non-taxable and taxable conversion in year 1 and both a non-taxable and taxable conversion in year 2, it is my understanding that all of year 1 (taxable then non-taxable) is used as basis before getting to any of year 2.
I base this understanding on the way I read the link you provide and the way TurboTax keeps track of my Roth Basis on the IRA Information Worksheet. But again, I would not rely on my understanding alone. I would wait for others to chime in and/or get the input of a CPA.
I base this understanding on the way I read the link you provide and the way TurboTax keeps track of my Roth Basis on the IRA Information Worksheet. But again, I would not rely on my understanding alone. I would wait for others to chime in and/or get the input of a CPA.
Statistics: Posted by Willmunny — Sun Nov 17, 2024 6:44 am — Replies 1 — Views 128