Thanks @macuser_22 for the prompt reply! That was quite fast.
So I think I understand I will be paying pro-rated tax. My follow-up question: Will this keep happening every year? What if I convert my entire traditional IRA balance (which is just ~4.5K) into Roth IRA now in Feb 2021? I understand there will be tax to be paid, but if I do this then can I avoid this pro-rated tax for 2020 or is it too late for 2020? Also, let's say I still convert entire traditional-IRA balance to Roth now, will it benefit me in next year's tax return by not having to pay this pro-rated tax? When will this pro-rated tax go away/reduce to zero?
