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Financial Planning / Tax Strategies


Subject:  Re: State Tax? Date:  3/1/2013  6:51 PM
Author:  JAFO31 Number:  117925 of 126942

ORA100: "I have two kids with minor accounts that I generated capital gains last year and they also had a long term capital gain carryover from previous years. I am filing 1040's for each of them and also have to file Form 8615 because they have over $1900 of Investment Income. We live in IL. Will I have to file IL taxes for the two kids?"

I know nothing about Illinois personal income tax, but I am very interested in learning about "capital gain carryoners" and how they work. Can you elaborate?

Regards, JAFO
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