Thanks much @SwapnaM for break it down.
Follow-up question.
- Let's say I did the backdoor Roth conversion (deposit the max allowable $7,000 cash from personal bank into Traditional IRA, then move the same $7K from Traditional IRA to Roth IRA on the same day).
- Is there additional tax on the personal cash (post-tax) I contributed as backdoor?
- How does that scenario play out?
Thank you !!
