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What is the maximum amount of income one can have without needing to pay taxes on the income? (I though I remembered someone saying it was $4400...)

And if I have $2500 inincome and a $3500 cap-gains loss, do I simply indicate on my return that I am carrying forward the entire loss rather than using any of it agaist my income? Or is there something else I need to write?

Thanks again

Justin
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What is the maximum amount of income one can have without needing to pay taxes on the income? (I though I remembered someone saying it was $4400...)

And if I have $2500 inincome and a $3500 cap-gains loss, do I simply indicate on my return that I am carrying forward the entire loss rather than using any of it agaist my income? Or is there something else I need to write?


There is no simple answer to your question. The maximum amount of income depends on your filing status, whether you can be claimed as a dependent by others, your deductions, whether you have dependents, etc.

The simplest answer is to get a copy of Form 1040 and instructions and start filling it out.

You don't indicate anywhere on your return that you are carrying capital losses forward. The calculations are done on a worksheet in the instructions for Schedule D. You keep the worksheet in your files and use it the following year when you prepare your return.

Ira
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