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Calculation of ELA income
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IRS form 461
Part III—Limitation on Losses Use Part III to apply the threshold limitation and figure the excess business loss. See Definitions.
Line 14 Add lines 9 and 13. The resulting figure can be a positive or negative number.
Line 16 If the resulting figure on this line is a negative amount, then it is your excess business loss. See Definitions.
Although it is a loss, you will report the excess business loss adjustment as a positive number on the “Other Income” line on your tax return and enter “ELA” on the dotted line. The “Other Income” lines are located on the following lines based on the type of tax return.
• Schedule 1 (Form 1040), line 21.
• Form 1040NR, line 21.
• Form 1041, line 8. • Form 1041-QFT, Part II, line 4.
• Form 1041-N, Part II, line 4.
• Form 990-T, Part I, line 12 (applicable
to trusts only).
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