This year I contributed the max $7,000 to an IRA. Since I’m above the MAGI limit I knew I had to do a backdoor Roth.
However, after putting in the $7,000 to a traditional IRA I ended up putting it all into an ETF instead of keeping it in the stable money market fund, and now my traditional IRA is up like $600 and I still haven’t done the conversion to a Roth.
Should I just take the L and pay taxes on the gains I made or do I just wait and see if the market goes down to avoid paying taxes?
original posted by PotentiallyAnts to r/personalfinance on Wed, 28 Feb 2024 15:56:19 GMT.