Article: 50192
Use Form 461 to figure the excess business loss that is reported on your non-corporate tax return.
Add Form 461
To add the Form 461:
- Go to Federal Taxes.
- Click Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Enter Form 461 in the search box and click on Form 461 – Limitation on Business Losses to add and open the form.
- Enter your information and click Save.
The Tax Cuts and Jobs Act limited the amount of losses from trades or businesses that taxpayers can claim each year. Deductions and losses from all trades or businesses that are greater than income and gains from all trades or businesses cannot exceed $289,000 ($578,000 for married taxpayers filing a joint return).