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What to do with brokerage bonus deposit when doing backdoor Roth?

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  • What to do with brokerage bonus deposit when doing backdoor Roth?

    I opened a traditional IRA under Fidelity to so that I can transfer to my Roth IRA. However Fidelity is doing a $100 deposit bonus whenever an account is opened and money is deposited. What do I do with that extra $100? do I transfer $6100 then this year to my Roth (will that incur penalty)? or keep the $100 in the account and just contribute $5900 to IRA next year?

  • #2
    Originally posted by kev777zero View Post
    I opened a traditional IRA under Fidelity to so that I can transfer to my Roth IRA. However Fidelity is doing a $100 deposit bonus whenever an account is opened and money is deposited. What do I do with that extra $100? do I transfer $6100 then this year to my Roth (will that incur penalty)? or keep the $100 in the account and just contribute $5900 to IRA next year?
    do the first thing. no penalty. you’ll pay tax on the $100 conversion

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