Since you fund a nondeductible IRA with already-taxed dollars, you might figure you wouldn't pay any income taxes on the conversion. But you wouldn't just owe tax on the funds you're converting; you'd also have to take the pretax contributions and gains in all your non-Roth IRAs into account. 2012 July 31, Walter Updegrave, “'Should I convert my IRA into a Roth?'”, in CNN Money, archived from the original on 31 Jan 2023:
These were the liquefiable assets at hand: a drawerful of family jewelry, a 401(k), an IRA, and a one-bedroom condo purchased with inheritance money after her parents' passing. 2022, Ling Ma, “Tomorrow”, in Bliss Montage, New York: Farrar, Straus and Giroux, →ISBN:
In the September follow-up, those significant gains looked much more contingent. More than 80 percent of the potential emissions reductions from the I.R.A. would be lost, the report concluded, if the country continued to expand the electricity grid at only its recent pace of about 1 percent per year. 2022 October 5, David Wallace-Wells, “Progressives Should Rally Around a Clean Energy Construction Boom”, in The New York Times: