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Financial Planning / Tax Strategies
|Subject: Re: State Tax?||Date: 3/1/2013 7:31 PM|
|Author: TMFPMarti||Number: 117929 of 125861|
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 assume you meant capital loss carryover. If not, I'm as curious as JAFO.
I was just at the Illinois website helping a friend and paused to check the "Who Must File?" part of the instructions. After only a cursory examination it looked to me like they have to file (required to file a Federal return), but may not have to pay any tax (they still get a personal exemption amount).
Again, this was a cursory check and I'm not intimately familiar with Illinois rules, so check it out yourself.
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