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Form 8332 online Fort Collins Colorado: What You Should Know
A child born or placed for adoption after divorce or separation may be eligible for tax-exempt status, but does The child qualify for the same benefits as an adopted child if: The child is financially supported by both parents at the time of filing the tax return; Both parents sign a statement stating that their child is financially supported by both parents (other than a custodial parent) at the time of filing the return; The custodial parent signs Form 8332 or a substantially similar statement; and If the child is not enrolled in school at the time of filing the tax return, but is enrolled in a public schools, the same requirements apply, as discussed above for school attendance and the tax filing status of an out of school child. Noncustodial parents have two options for filing their child's return. They may (1) make a “certified copy” of the income tax return (the same type of return used by the custodial parent), or (2) send their return to the IRS and ask for it to be automatically filed in the child's name. The first option is the preferred option for most noncustodial parents of dependents, because the “certified copy” option requires less work, and there is less chance of the return being delayed as a result of litigation. The second option is the choice available to parents for children who are not adopted when the filing was made. The Certified Copy of Tax Return — IRS Form 940 Form 940 is the IRS form that a custodial parent must use to file a certified return for a child. The form is filed with tax returns filed by custodial parents and by their custodial parents' custodial parents. A child's certified and verified tax return can affect his or her tax return status, and may be used to get back some or all of the tax withheld from the parent's paycheck. A custodial parent can also file a statement listing, or attaching, any amount that the custodial parent knows or has been informed is in the child's gross income, and stating that the amount is being claimed for the child's welfare. A custodial parent may also include a “certified copy” of the return with the child's tax return, including the original and the revised return. Certifying tax returns is important for both noncustodial and custodial parents.
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