Retirement tax questions

@dmertz 

I have the same situation. To confirm what you have said:

1. Add the year end balance (4$ in my case) in 2023 tax return. This will then be taxed in 2023 year in federal.
2. Add 2024 conversion money to IRA
3. Convert the entire sum to Roth (say 7000+4$)

This way I will only be taxed once on the 4$ which is in the year 2023. Is that right?