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Form 8606 - IRA Basis
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I hope I'm asking this question in a way that makes sense. I'd appreciate a sanity check, please.
I contributed (up to maximum limit) to a Roth IRA and became ineligible due to an unplanned windfall, so I recharacterized the full contribution to a traditional IRA. Because of the time that had passed, I had materialized a loss and the amount recharacterized was around ~5k according to the 1099-R.
Based on that, should my total basis on Form 8606 be the IRA maximum or the 5k amount recharacterized? I believe my basis to be the IRA maximum, and I'm getting conflicting feedback between my IRA custodian and my tax preparer.
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