Got it.
Last scenario: This is first time when I create an Traditional IRA. I contributed 6,000$ shortly after converted entire amount (gain was 0.01$) to Roth IRA for year 2020 and reported this action on my 2020 taxes The end result is that my Traditional IRA has a balance of 0$ and my Roth of 6,000.01$.
My question is: May I contribute another 6,000$ for 2021 year and convert again the entire amount to my Roth IRA? The end result is that my Traditional IRA will have a balance of 0$ and my Roth will have 12,000.01$. If the contribution to Traditional IRA is also nondeductible, it is fair to expect that next year I will not owe any additional taxes for these conversions?
Thank you.
