。
I'm living beyond my income.
Literal
I [topic-は] income [object-を] exceeded life [object-を] am-doing.
収入を越えた ('that exceeds income') is a relative clause modifying 生活 ('lifestyle'). The past tense 越えた functions as an attributive modifier here, not as a completed action. ~をしている ('am leading a lifestyle') describes an ongoing state.