IRA Conversion to Roth (Same Year)
I recently opened a Traditional IRA (Within last 30days), and funded it with $5500. Since it is a newly opened account, I haven’t taken any deductions yet for the $5500 contribution.
I want to convert it to a Roth IRA before the year ends, if possible.
The question is: Since conversions to a Roth are taxed as income, will this amount to getting taxed twice on the money (once as working income, and then a second time as Roth income)?