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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?
2 Replies
Critter
Level 15

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.

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

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.

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