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Form 8332 North Carolina: What You Should Know

Tax court decisions, and other helpful information about the tax exemptions For a more detailed discussion about the tax exemptions, see the above discussion:  Child Tax Credit (CTC) — Dads Not sure which one you get? Read my post about the two types. This is the form to use: Child Tax Credit, for both parents, is a refundable credit. No matter how much the parents earn, they all owe the same amount to the IRS. Child Tax Credit, for the parent who does not work At least 1 parent must participate in the CTC when filing a tax return  The CTC is intended as a means for parents to avoid the double tax. If you do not send a copy of your tax return to the IRS, they cannot accept your claim. The CTC may be offered to the nonresidential parent only. The nonresidential parent must agree to be the parent of the child who receives a CTC. Only the custodial parent may claim the CTC. The custodial parent will make an IRS Form 1040X to designate the nonresidential parent as the custodial parent to whom the CTC will be paid. This is done at the time of the adoption and/or  The custodial parent is the parent who actually files a claim for a tax deduction for the CTC. Taxing your child and paying the CTC This part may seem complicated. Read through my post on the CTC before beginning and then do the following at the end: Make sure you complete the IRS Form 8332 Send the request to the custodial parent If the custodial parent signs, file the request with the filing status of “married filing jointly”. If the custodial parent does not sign the request, file with the filing status of “single” “married filing separate” or “single” “married filing by separate agreement” If any of the above have been filled out correctly, fill out the Tax Due and CTC (1040X) and send it to the IRS to be filed electronically. (The custodial parent is responsible for filing the Form 1040X to receive the CTC) If the custodial parent does not sign, the filing status must be changed from “not filing a return” to “filed return”. There are no tax returns you can file with a filing status of “not filing a return”.

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