<prompt> Human: Im doing my first backdoor IRA conversion. I deposited 5500 into my traditional IRA yesterday and today went online to convert to my Roth. I got this warning. Since Im doing the conversion the day after the first deposit, is there really a need to withhold tax? The account has not gained any value. Thank you.  <response>: There is no need to withhold tax.You will need to fill out your form 8606 appropriately when you do taxes next year you did not deduct the contribution into your traditional IRA, and you pay taxes on any earnings, which sounds like 0One thing: due to the pro rata rule, if you have any pretax money in any traditional IRA, not just the one you converted, you are possibly shooting yourself in the foot. 