My income is too high to contribute directly to a Roth IRA, so I'm doing a backdoor Roth conversion. On April 1, 2026, I contributed $16,600 (split between 2025 and 2026) to a Traditional IRA at Fidelity using after-tax money. On May 4, I converted the full balance — $16,600 plus $44 in interest — to a Roth IRA. The account currently shows a zero balance, though a small amount of interest for the first few days of May hasn't posted yet.
I also have a pre-tax Traditional IRA at another brokerage with an approximate balance of $53K, which I haven't contributed to in decades. Does this mean that the pro-rata rule applies? If so, how do I calculate the taxable portion of my conversion?
In 2024, I did a backdoor Roth conversion, which was suggested by my accountant, and I do not believe that I paid taxes on the amount conversion.