Ask an AI Accountant

A free tool by

Question
my company has a 401(k) plan, but I only started working since min July, can I still contribute some money to my IRA with tax deduction?
AI accountant’s answer:
Yes, you can still contribute to a traditional IRA and potentially qualify for a tax deduction, even if you started working mid-year and participated in your company's 401(k) plan. For the 2022 tax year, you can contribute up to $6,000 to an IRA ($7,000 if you are age 50 or older). However, since you are covered by a 401(k) plan at work, there are income limits that determine if your IRA contributions are deductible. For the 2022 tax year, if you're filing as a single taxpayer or head-of-household, the deduction begins to phase out (reduce) when your modified adjusted gross income (MAGI) reaches $68,000 and is fully phased out when your MAGI reaches $78,000. If you are married filing jointly, the deduction begins to phase out at $109,000 and is fully phased out when your combined MAGI reaches $129,000. You should calculate your MAGI and see if you're within the income limits to ensure your IRA contributions qualify for a tax deduction. Keep in mind that the deadline to contribute to an IRA for the tax year 2022 is April 15, 2023.
Comment from reviewer
David Bailey, EA, MBA
Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started

Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started