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Printable Form 8332 High Point North Carolina: What You Should Know
The TurboT ax Answer Man • The TurboT ax Solution. Contact the TurboT ax team, (Toll-free) Why is Form 8332 Useful? There are three main reasons why Form 8332 would be useful to you. First, a custodial parent who has been ordered to pay child support by the court may be unhappy with child support payments from the noncustodial parent. The court orders custodial parents to pay a percentage (or more) of their income to a child support enforcement agency. The court is asking that parents meet child support obligations. The court may believe custodial parents who do not meet their child support obligations are a waste of taxpayer dollars. A custodial parent may not be making support payments by any way they can. They may be financially behind on payments and even bankruptcy. Form 8332 is useful because it can reduce tax debts and debts the court has ordered. The court may also use form 8332 to make a custodial parent's child support payments go towards other tax debts. Form 8332 may be a helpful tool for all child support orders where the custodial parent is not making child support payments. Form 8332 can reduce the child support a custodial parent can claim for the following reasons. Fiscal hardship or bankruptcy — Child support is only deductible as a tax deduction if the expenses are reasonable (and you are the sole taxpayer on the income). A custodial parent can have low income, or not have access to all of his or her child support payments. The amount of a custodial parent's child support payments may reflect the child's need for medical care, food, clothing and other necessities. A child support payment of 50 per week may not be enough for a child that requires the medicine needed for cancer treatment. What are Custodial Parents' Rights? Each state has different laws on child support and how the court uses support payments to support the child. It is important to make sure you know your state's laws. A child support agreement requires both custodial parents to provide their monthly net income.
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