Just confirming, if I do the backdoor conversion for 2020 and I have a current balance in the traditional IRA of $126,037. and spouse"s $53,429 . If we convert the $7000 and $6000, we will end up paying double tax on that $13000?? It was converted the same day it was deposited. I just did this 2 months ago, can I remove it from the Roth without penalty before the 2020 filing deadline? I don't want to be taxed twice for the same money.
Plus, due to Covide-19, our AGI didn't go over the maximum for Roth IRA contributions this year. How can I fix this?
Filed joint return, one is over 59 1/2 and one party is under. HELP!
Thanks
