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Updated about 13 years ago,
Question on 25k passive loss phaseout
Silly question but I just cannot remember the answer:
Regarding this passive loss allowance that gets phased out @ 150k of w-2 income If for ease of example I make 150k of W-2 income but I contribute 15k to my company 401k does this give me the AGI income of 135k which would qualify me for a small passive loss deduction in said tax year, OR is it based on your income before any of these types ofo deductions?
as always thx in advance,
Chris