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Old 11-30-2012, 05:52 PM   #21
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Join Date: Jul 2005
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Originally Posted by RE2Boys View Post
When doing conversions, the IRS look at ALL your T-IRA and SEP-IRAs that existed in your name, not just the temporary one you set up for the back door conversion. When you do a T-IRA to Roth conversion and have basis in any of your T-IRAs, the IRS looks at it as you've converted a percentage of ALL your T-IRAs and use up only that percentage of your basis. So if you have other T-IRAs, no matter how old, you most likely WILL be paying taxes on some percentage of the conversion.
Exactly right.

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