Beginning on October 1, I will become a fulltime employee, after 15 years of being a self-employed contractor.
Not knowing this was coming, I have been contributing to my IRA this year. But, at tax time, TurboTax will ask, "Are you eligible to participate in an employer's retirement plan" (or words to that effect), and I'll have to say "Yes."
Questions:
1) Will the IRA contributions I previously made as a self-employed still be deductible when I file my '23 taxes next year? Or will they be subject to the IRS AGI limits (i.e., not able to deduct if we're covered and our AGI is above $136K)?
2) If the contributions are deductible, how should I answer the question in TurboTax? If I say "Yes," will the software assume I've been employed for the full year?
