June 7, 2019 3:33 PM
last updated June 07, 2019 3:33 PM
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?
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.