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NY Form 8332: What You Should Know
What is Form 8332: Release of Claim to Exemption for Child by Custodial Parent The form you will receive from Form 8332 will provide further specifics on what your new situation is. For example, it may list the name of your child, and you may not even know it was filed. For a child who is not your child — see these links to fill out Form 8334, Release of Claim to Exemption for Child. You should know before you do something that you have to do it right. Here is a tip: If you sign Form 8334, your child will be listed as your dependent even if he or she isn't your child. However, you must include in your tax return everything for which the child claims an exemption. Form 8334 and Release of Claim to Exemption for Child In 2016, the IRS released a “Notice of Change to the Child Tax Credit Phaseout” and “Revisions to the Child Tax Credit Formula” (Form 8334 and Form 8334-SF). Form 8334 and Release of Claim to Exemption for Child Tax Credit Phaseout The changes were: Excluded from computation under section 6011, in general and the child tax credit will be phased out at 100 percent of federal income tax liability amount. There is one exemption for each 2,000 of eligible child care expenses. Exemption amount is the first 1/2 of the actual credit amount. The first portion of child care expenses that are included in the credit phaseout are for up to half the qualifying child's support. The full child care expenses must be for a child who is at least 6 years old, and not the qualifying child's adopted child. The minimum credit amount is 1,000 3,000 or more for a dependent who is not the “dependent child” of the claimant, but who is adopted or otherwise placed for adoption and who is financially dependent on another taxpayer. The maximum credit amount is 2,000 for a dependent who is not the “dependent child” of the claimant, but who is adopted or otherwise placed for adoption and who is financially dependent on another taxpayer. For full details on the 2024 Child Tax Credit phaseout, see The Tax Cuts and Jobs Act.
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