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Backdoor Roth Conversions - possible issue
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Roger McCarrick
Jan 4, 2024, 11:46:57 AMJan 4
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Hi
in 2023 I deposited $7000 in to my Traditional IRA that had a $0 balance, with the intention of rolling that over to my Roth IRA as a backdoor roth conversion.
The money wasn't available for 2 days, and when i was able to log in and see the money it had earned 75 cents. I rolled over the $7000 leaving the 75 cents.
I filed taxes and filled out form 8606 to make this legit.
Today, Jan 4 2024, I saw that there was now 76 cents in the Trad IRA. I had that moved into the Roth IRA. So now there is a $0 balance in the Trad IRA.
In order to do back door Roth Conversions, I believe there has to be a $0 balance in Trad before you deposit any money for the purpose of back door conversions.
What effect does this 76 cents have on me doing a conversion this way again in 2024?
thanks
in 2023 I deposited $7000 in to my Traditional IRA that had a $0 balance, with the intention of rolling that over to my Roth IRA as a backdoor roth conversion.
The money wasn't available for 2 days, and when i was able to log in and see the money it had earned 75 cents. I rolled over the $7000 leaving the 75 cents.
I filed taxes and filled out form 8606 to make this legit.
Today, Jan 4 2024, I saw that there was now 76 cents in the Trad IRA. I had that moved into the Roth IRA. So now there is a $0 balance in the Trad IRA.
In order to do back door Roth Conversions, I believe there has to be a $0 balance in Trad before you deposit any money for the purpose of back door conversions.
What effect does this 76 cents have on me doing a conversion this way again in 2024?
thanks
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