Skip to main content
TurboTax
Community
TurboTax
TurboTax
M
miketaba
Level 1
June 7, 2019
Question

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.

  • June 7, 2019
  • 1 reply
  • 11 views
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?

    1 reply

    Critter
    Critter
    Level 15
    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
    Critter
    Level 15
    June 7, 2019
    And you may also have an excess contribution ... review that section carefully.
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Explore your options
    Terms & ConditionsAccessibility statement
    Sitemap
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2026 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    About Cookies Manage cookies

    TRUSTe nResult Certified e-File C-Level Security Certification
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    © 2026 Intuit Canada ULC or its affiliated companies. All rights reserved. Intuit, QuickBooks, QB, TurboTax and ProFile are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

    Copyright © Intuit Canada ULC, 2026. All rights reserved.

    About Cookies Manage cookies

    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    © 2026, Entreprises Intuit Canada ULC ou ses sociétés affiliées. Tous droits réservés. Intuit, QuickBooks, QB, TurboImpôt et ProFile sont des marques déposées d’Intuit Inc. Les modalités, prix, fonctions et options de service et de soutien peuvent changer sans préavis.

    © 2026, Entreprises Intuit Canada ULC. Tous droits réservés.

    À propos des témoins Gérer les témoins