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Form 8332 College Station Texas: What You Should Know
If you are filing as a joint filer, and you have two kids with custody or rights to custody of the couple's two kids, you can choose to claim them as exemptions on your taxes. · If you filed a joint federal tax return (with the children or children under the age of 19), your children are eligible for the exemption. When can I claim my child as an exemption? If you file to claim a tax exemption for two or more dependents, your child can be considered an exemption for the entire year. This means if you claim two children as a joint tax return, you can claim them all as exemptions. The child cannot be claimed as an exemption for only one of the joint filers. (The child could be claimed for one of the joint filers or as an exemption for both of the joint filers; however, two kids cannot be claimed together for the same child.) · If you are claiming a child because of a “50/50” custody arrangement (i.e., you have custody of one child and are paying for the costs of the children's lives), you can claim a child as an exemption for the entirety of the year. The child must be claimed for only one of the joint filers with custody of the children. Each parent is considered a separate “custodial parent” for purposes of claiming one of the children as an exemption. In other words, you should not claim your child for one child if the other is paying for the same children's costs. However, you should claim the same child more than once (for a total of three kids). The child cannot be claimed as an exemption for only one of the joint filers with custody. (If there are no other children, then no other child can be claimed as an exemption.) · If you claim a child as an exemption under the 50/50 custody arrangement for multiple reasons, you can also list the reasons as reasons for claiming another child as an exemption. This means that you can claim the child multiple times, but you need to list each reason individually on the Form 8332. (There may be a limit of two reasons for one child.) · For example, you must have two children under the age of 19 to get an exemption.
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