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?

Thanks for the great help.

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

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
Rule Your Retirement Home Fool