miketaba
New Member

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?
Critter
Level 15

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. 

Critter
Level 15

Retirement tax questions

And you may also have an excess contribution ... review that section carefully.