Backdoor Roth question
I'm gearing up to do my first backdoor Roth IRA conversion and I'm wanting to make sure I do it right.
I have both a traditional IRA (what I have been contributing to throughout the year) and a Roth IRA set up in Fidelity. By the final pay period of the year, I will have contributed $7000 to the traditional IRA. I've had this money in SPAXX and it has grown ~$100 over the course of the year.
Would I convert the entirety of the tradIRA to Roth or just $7000? My understanding is that a tax form is generated and I'd have to pay taxes on the gains the tradIRA had over the year, which is why I kept it in SPAXX but it grew nonetheless. And is the tax form autogenerated and delivered to me at some point?
Appreciate any input y'all may have!
Posted Dec 1, 2025, 7:03 PM UTC