i was doing my yearly backdoor roth IRA conversion from $5500 today and noticed there was a balance of $0.28 in my vanguard traditional IRA after i made the conversion. It said it had converted -5499.72 from the traditional to the roth IRA. I had put in to convert the $0.28 balance over to the roth IRA and now it appears that I have now contributed $5500.28 to my roth IRA for the year which is going to cause issues when filing taxes.
Two questions, what was this $0.28 from? The funds were transferred from my brokerage account to traditional IRA yesterday and I converted to the roth IRA as soon as I possibly could today so i'm not sure where that extra money came from.
What should I do about the $0.28 from my roth IRA? Should I just leave it there and fill out the extra tax forms? Withdraw $0.28 and take the penalty? Is this reversible generally? Should I convert back to traditional IRA and then withdraw there? Would love any advice.
Submitted August 10, 2018 at 11:02PM by hib333 https://ift.tt/2Mc8Fjd
