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How can my tax increase after posting a K-1 with loss? I get a message that my wife's MAGI is too high to deduct IRA contributions. It was not before software update.
The first time I entered my income, I got an estimated amount based on Max. IRA contributions., and filed an extension. Now Added additional K-1 for myslef and my wife with losses. Turbo Tax did a software update and came back payable taxes due to MAGI for my wife is too high. What causes that change?
June 7, 2019
3:33 PM
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Retirement tax questions
A deductible loss reduces the income used to qualify for a deductible IRA contribution ... review your entire return carefully and the IRA contribution section to get a notice why it is no longer deductible.
June 7, 2019
3:33 PM
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Retirement tax questions
And you may also have an excess contribution ... review that section carefully.
June 7, 2019
3:33 PM