Form 461
Department of the Treasury
Internal Revenue Service
Limitation on Business Losses
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Attach to your tax return.
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Go to www.irs.gov/Form461 for instructions and the latest information.
OMB No. 1545-2283
2021
Attachment
Sequence No.
64
Name(s) shown on return Identifying number
Part I
Total Income/Loss Items
See instructions if you are filing a tax return other than Form 1040 or 1040-SR.
1 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Enter amount from Schedule 1 (Form 1040), line 3 . . . . . . . . . . . . . . . . . 2
3 Enter amount from Form 1040 or 1040-SR, line 7 . . . . . . . . . . . . . . . . . . 3
4 Enter amount from Schedule 1 (Form 1040), line 4 . . . . . . . . . . . . . . . . . 4
5 Enter amount from Schedule 1 (Form 1040), line 5 . . . . . . . . . . . . . . . . . 5
6 Enter amount from Schedule 1 (Form 1040), line 6 . . . . . . . . . . . . . . . . . 6
7 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Enter other income, gain, or losses from a trade or business not reported on lines 1 through 7 . . . 8
9 Combine lines 1 through 8 . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part II
Adjustment for Amounts Not Attributable to Trade or Business
See instructions if you are filing a tax return other than Form 1040 or 1040-SR.
10 Enter any income or gain reported on lines 1 through 8 that is not attributable to a trade or business . 10
11
Enter any losses or deductions reported on lines 1 through 8 that are not attributable to a trade or
business. See instructions . . . . . . . . . . . . . . . . . . . . . . . . .
11
12 Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . 12
Part III
Limitation on Losses
13
If line 12 is a negative number, enter it here as a positive number. If line 12 is a positive number, enter
it here as a negative number . . . . . . . . . . . . . . . . . . . . . . . . .
13
14 Add lines 9 and 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Enter $262,000 (or $524,000 if married filing jointly) . . . . . . . . . . . . . . . . . 15
16
Add lines 14 and 15. If less than zero, enter the amount from line 16 as a positive number on Schedule
1 (Form 1040), line 8o. See instructions if you are filing a tax return other than a Form 1040 or 1040-
SR. If zero or greater, do not attach this form to your tax return . . . . . . . . . . . . .
16
For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 16654I
Form 461 (2021)
