Garmaine Staff asked 6 months ago

Because we were over the income limit, my wife and I contributed post-tax dollars to our regular IRAs over the past five years. We would like to do a backdoor Roth IRA conversion while the market is down. Because each account value is below its cost basis, we should not owe any taxes. Further, the cost basis for each account is about $1000 below its market value.

Will this backdoor Roth IRA conversion generate $2000 in tax losses for us in 2020?