Background: When I did a backdoor Roth IRA in January 2023, I didn't know if I could covert the tiny bit of interest that built up on top of the $6,500 I contributed days earlier to the traditional IRA. So I only converted $6,500 to Roth. Over the course of the year, that trad IRA account has grown to 69 cents.
Question: When I do my backdoor Roth IRA at the start of 2024, am I correct that I can convert last year's interest, plus my $7,000 contribution, plus any interest that $7,000 accrues before the contribution is available to transfer to my Roth IRA? Thanks in advance for your help!
Question: When I do my backdoor Roth IRA at the start of 2024, am I correct that I can convert last year's interest, plus my $7,000 contribution, plus any interest that $7,000 accrues before the contribution is available to transfer to my Roth IRA? Thanks in advance for your help!
Statistics: Posted by Milujo — Tue Dec 26, 2023 10:27 am — Replies 1 — Views 102