Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 exptools 1/6/84; site ihuxm.UUCP Path: utzoo!watmath!clyde!floyd!harpo!ihnp4!ihuxm!spear 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.