I opened up a traditional IRA this month (December 2025) and contributed $7,000 to it. My goal was to minimize any gain between the time I funded the account and the Roth conversion.
When I converted it to Roth, it took a few days for the money to settle, and another few days for the conversion to happen.
There were close to $5 in gains when all was said and done. The completed conversion moved $7005 into my Roth IRA.
Did I overcontribute and do I have to pay the penalty? Is the contribution amount based on the amount I funded the traditional IRA initially, or is it based on the conversion amount? How do I report this in the 2025 Turbo Tax Premiere Windows desktop edition?
