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Author: jlubell Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Tax-Free Earned Income Date: 9/23/2001 4:38 PM
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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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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54177 of 121565
Subject: Re: Tax-Free Earned Income Date: 9/23/2001 11:53 PM
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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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