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URL:  http://boards.fool.com/i-have-two-kids-with-minor-accounts-that-i-30569676.aspx

Subject:  Re: State Tax? Date:  3/1/2013  7:31 PM
Author:  TMFPMarti Number:  117929 of 121327

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.

Phil
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