Definition & Calculations of Passive Activity Gains or Losses for Federal Income Tax Preparing Individuals' Loss Carryforward Schedule for Passive Activities Calculating Individuals' Loss Limitations for Federal Income Tax Purposes Individual Tax Payers' At-Risk Rules for Federal Income Tax Purposes ...
Step 3:If your company is an SSTB and your total taxable income exceeds $214,900 ($429,800 for a married couple filing jointly), you must stop here. Because your income is too high, you are not eligible for the deduction. If your firm is not an SSTB and your total taxable income ...