Amended returns to correct nondeductible IRA to Roth?

[Guest Steve Palmer]

Present IRA consists of many years of deductible contributions and nondeductible contributions, all in one comingled account. 1998, 1999 and 2000 tax returns were filed reporting nondeductible IRA contributions on 8606. Turns out it would have been better to have had these funds to go into Roth. Can those returns be amended (or just amended 8606) to remove the basis in IRA? Then contact custodian to transfer the $6,000, plus earnings to Roth and avoid treatment as a partial conversion in the year 2002?

Thank you

[JAMES PATRICK]

What you are suggesting is a recharacterization of each year but the dates to do that have passed, so NO you can't transfer earnings without tax consequences.