Unless I convert that balance plus a new $7000 contribution this year? That is what I was planning on doing. Just clearing it out to 0. Maybe now that I know this, I'll contribute at the end of the month and let the interest/dividends hit and convert the whole thing.
To summarize to make sure I've got it, you report the FMV one year, and that balance becomes your cost basis the next year?
@DanaB27
