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I plan to convert to a Roth from an IRA containing deductible and non-deductible contributions of $12,000 each. Due to the market drop the total IRA value is now $17,000. How do I figure my taxable basis this year on the conversion? Would 50%($8,500) be the taxable basis or can I deduct the full $10,000 non-deductible contribution from the transfer value?
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