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Santa Maria California Form 8332: What You Should Know
In addition to being exempt for a specific year, the taxpayer can now release of claim to exemption in future years if they file before the date the taxpayer turns 50. In 2009, the IRS released a new Form 8332, to change the way they handled exemptions for children who receive taxpayer support. The new form replaced the older version, a Form 8334. In a Form 8334 a child had to have been eligible for a refundable tax credit for the previous tax period. Children who are also eligible for other tax credits like the earned income tax credit are also eligible for an exemption from the income tax. Form 8332 is an “information return” that is used to certify eligibility if the taxpayer does not want to file a Form 2555 (Form 1040X) for their child. This is done to help reduce taxpayer paperwork, and also provides tax relief for dependents who have no children and can claim tax credits for themselves. The new form also simplifies tax compliance by making taxpayers aware of whether it is better to file a Form 8334 and a Form 8332 or to do both. The tax relief provided in Form 8332 is called the “disability child preference” and is explained in the following table: Who Is Eligible for Tax Relief? Form 8334, Release of Claim to Exemption There are three age categories for children who wish to release their claim to exemption for tax year 2017. A taxpayer can release of claim to exemption by filing this form. Form 8332 Form 8334 Claim to Exemption Under Age 50 Under Age 29 Under Age 25 Form 8332 Release of Tax Claim The IRS Form 8332, Release of Claim to Exemption, releases a claim to exemption for the child for the current filing year. If an exemption order is issued for the child, the release of claim is revoked, and the child must go back to the child's original filing status in the future. As you see, it is not that easy to release a claim to exemptions, so don't make the mistake of not completing part II to your child's form 8333 when you do not want to file a 1040 or a 1040X. I have seen taxpayers trying to get away with not completing part II even when they file with Form 8334. The best thing to do is to complete part II.
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