This is something I probably should have noticed last year, but didn't. Since ~2007, I have made non-deductible IRA contributions. In 2010, when the income limit for converting to Roth was lifted, I converted my traditional IRA to Roth. I just finished up my 2011 taxes and I noticed something strange. On form 8606 (line 14), I have a non-zero basis for my traditional IRA, even though I don't have a traditional IRA any more.
My best guess is this means I had a loss when I converted my traditional IRA. In fact, TurboTax put that loss on my schedule A, but it does not exceed 2% of my AGI, so I didn't get a deduction.
Is there anything I can do with this? Any benefit I can realize? I've already made a non-deductible IRA contribution for 2012 (and immediate converted it to Roth). But if there's something else I can do with this "leftover" basis, either this year or next, please let me know.
Thanks in advance, Bill