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* Pro-rata
Hi everyone, I am new to all these IRAs, 401(k) this year so please bear with me if this is a stupid question. As I was just tidying up my accounts for the year end, I noticed the below.
I have a traditional IRA account with E- trade that I just opened this year. Roth IRA account is also with them. I contributed $6k into traditional, I left it in cash and it was about a week before I could convert to Roth. At the time of conversion, it showed that all of those $6k are converted to Roth. Today, when I opened the accounts, it showed a balance of $0.01 in traditional IRA. Because of the pro-rata rule, I know that the balance should be $0 at the year end. What can I do about this 1 cent in my traditional IRA?
Hi everyone, I am new to all these IRAs, 401(k) this year so please bear with me if this is a stupid question. As I was just tidying up my accounts for the year end, I noticed the below.
I have a traditional IRA account with E- trade that I just opened this year. Roth IRA account is also with them. I contributed $6k into traditional, I left it in cash and it was about a week before I could convert to Roth. At the time of conversion, it showed that all of those $6k are converted to Roth. Today, when I opened the accounts, it showed a balance of $0.01 in traditional IRA. Because of the pro-rata rule, I know that the balance should be $0 at the year end. What can I do about this 1 cent in my traditional IRA?
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