What does one do with the interest accrued ( ~$1) in the money market account in the traditional IRA that shows up before doing the backdoor Roth IRA conversion?
I noticed this amount and it puts me above the limit. The answers provided here seem to be different.
The $1 of earnings while in the traditional IRA will add $1 to your taxable income when converted to Roth. The taxable amount will be calculated on Form 8606.
you have to convert the whole thing to keep your backdoor roth strategy working in future years
How can I perform the conversion without having any issues with IRS?