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My husband has a couple of small traditional IRAs which I am thinking of converting to Roths over the next couple of years. In one of them he has a basis of $2000, in the other he has no basis. If I convert only the one with a basis will the taxable amount be the amount of the IRA less $2000? Or will only a portion of the $2000 be attributed to any conversion amount of less than the total value of both IRAs regardless of which is actually converted?

Example: IRA 1 Value $3500, basis $2000
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