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Springfield Missouri Form 8332: What You Should Know

What Is the IRS Guidance on Form 8332? October 2024 — IRS The IRS gives guidance on issues related to Form 8332. The following excerpt is taken from the Guidance: As noted in the Guidance on Form 8332, your release of claim to the exemption of a child on Form 8332 is a release of the claim for exemption. However, you must still file a nonresident tax return and provide information that will help us determine your tax liability if the exemption is terminated. Failure to file a return on a timely basis could result in the IRS revoking your release of claim and imposing tax liability on you. Tax Tips and Information for Exempted Parents If you are a custodial parent, you can get tax advice and help from the following resources. Tax Tip #5 — The Child Withdrawal A custodial parent may want to withdraw child support payments for the child from their tax return. The IRS allows the Child or dependent tax credit and child tax credit deductions to be claimed by the custodial parent on the child's tax return only during the period in which the custodial parent has custody or physical custody of the child or is actively seeking custody of the child. In order for the custodial parent to get a child credit, they also need to claim both a custodial parent and noncustodial parent claim. If the Child Tax Credit and the Child Tax Credit for Dependent Care and Attendance are claimed by the custodial parent, then the custodial parent gets the child tax credit, but only for the portion of the child tax credit claimed for dependents. They only get the child tax credit for dependent care. Tax Tip #7 — If Your Custodial Noncustodial Parent Has a Child In Medical The IRS allows your custodial noncustodial parent to claim an additional child related medical deduction for their child for that child's age if they are a custodial parent. Tax Tip #8 — The Noncustodial Custodial Parent Is A Preschool A custodial noncustodial parent can also claim a preschool deduction if their child is enrolled in preschool programs, which is if they are actively seeking custody or the custodial parent was actively seeking custody for the child.

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