Ah Yes I should have specified that:
- The initial balance of traditional IRA was 0
- I did the transactions mentioned above ( same day )
- At the end of the day the traditional IRA was again 0
The only way I found possible to get past the error is to set 0.01 on the 'Taxable amount' and set the basis of the IRA to 12,000. And I won't be charged any extra taxes ?
Did I do it right or am I going to get in trouble ?
