Make Sure You Have an IRS Form 8332 in Place Each Year

Quick Notes

Always make sure that you make a provision for having the custodial parent sign and deliver to the non-custodial parent the Internal Revenue Service form 8332 which allows the non-custodial parent to use the child as a tax dependent child exemption on the previous years’ income tax return.  Note well, this is vitally important even if your Judgment for Dissolution of Marriage and/or incorporated Marital Settlement Agreement provides for the exemption.  The IRS has issued rulings that confirm that unless the custodial parent releases the dependency exemption for that child or children for that particular year, the custodial parent is continues to be the taxpayer who has the right to claim that child or children for that tax year.

 

(The above information is intended as informational only and does not constitute the rendering of legal advise on the part of attorney Watts, or the creation of an attorney-client relationship.)

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