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Get your taxes done using TurboTax
It sounds like the last time you did a Back Door Roth conversion your traditional IRA earned a little bit of interest - which is normal now that interest rates are greater than zero. Since the amounts are reported on the Form 5498 I would enter them. You are correct that the amounts are insignificant. It will result in 0.046% of your conversion to be taxable - or $3.00. You can verify on your account statement whether there is a balance other than zero in the account at year end. If so, the next time you do a back door Roth, be sure to have your advisor convert the entire balance, including the $3.08 or whatever it is at the time.
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March 18, 2024
7:03 PM