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.

miketaba · ‎June 7, 2019

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 · ‎June 7, 2019

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 · ‎June 7, 2019

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

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.

Retirement tax questions

Retirement tax questions