Question-1: Will an IRA to Roth conversion in 2020 and then a separate Trad IRA contribution in early 2021 (for tax year 2020) of the same $ amount result in a net zero tax liability? My thinking is that the Roth conversion of say $5K will increase the income by $5K, and then the Trad IRA contribution of $5K will decrease the income by the same amount, hence zero in tax liability?
Question-2: From a purely tax return perspective, is a contribution to a Roth IRA of say $5K, essentially same as doing a $5K conversion from IRA to Roth instead? In other words, either transaction on its own will increase the income by $5K and hence result in the same tax liability?
TIA.
