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Reply to "explain basis to me (as in taxes and retirement accounts)"
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[quote=Anonymous]Your basis, for your back door Roth, should be the amount you contributed to the traditional Roth. So if you contributed the max of $5500 last year, that is your basis. Goes on form 8606 - I don't use tax software so I can't help you there. The idea is to account for how much of the money converted to the Roth is the $ you put in (basis) vs. how much is earnings due to the market going up. You should only have to pay tax on the earnings but need to keep track of your contributions/ basis otherwise it assumes the entire account balance should be taxed.[/quote]
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