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From: spear@ihuxm.UUCP (Steven Spearman)
Newsgroups: net.taxes
Subject: Re: more deduction than income?
Message-ID: <852@ihuxm.UUCP>
Date: Wed, 1-Feb-84 09:29:18 EST
Article-I.D.: ihuxm.852
Posted: Wed Feb  1 09:29:18 1984
Date-Received: Tue, 7-Feb-84 08:57:03 EST
References: <354@pyuxbb.UUCP>
Organization: AT&T Bell Labs, Naperville, IL
Lines: 12

Note that the following is just my recollection.

For charitable deductions, there is a ceiling of
(usually) 50% of your adjusted income.  Any excess
over this amount can be carried over up to 5 years
generally.

For other deductions, I am not aware of a ceiling.
But if your deductions gets your income below
a few thousand you won't normally have any taxes to
pay anyway.  Going into the hole doesn't do anything
for you I don't think.