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Ok, so I looked into Form 8606. I think I understand now.

I had assumed I could make a nondeductible contribution to a traditional IRA and immediately convert it to a Roth with no tax implications as the contribution was non-tax deductible and had no income or gains.

The financial news articles I read didn't mention the total amount of the existing Traditional IRA must also be considered.

Which is why I asked. :)
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