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TN Form 8332: What You Should Know

Form 8332 Requirements | H & R Block Form 8331 (Parenting Plan Requirements & Documentation) —  Form 8332 Certification —  Form 8332: When to Use it?  —  How to Claim a Child as a Dependent in Tennessee Child Tax Credit —  Taxpayers are currently allowed to claim dependent children in Tennessee (Form 8332) that exceed their earned income limits.  What the Tax Credit Is —  A tax credit of 2,000 is given to a taxpayer. Each dependent must be included on the appropriate tax return if the child does not qualify for nonrefundable credits. Eligibility for the credit depends on the family's earned income and filing status, as well as the number of qualifying children and the age and number of qualifying dependents. Eligibility for the credit also depends on the number of dependents, age or age of the qualifying child, and whether the taxpayer qualifies for the credit.  Form 8332 — Release of Claim to Exemption for Child and Income from Activities of a Dependent (Form 8332/833) (For Parenting Plans) Nonrelatives may file their own tax return and claim a child or other dependents as dependents for the tax year on which the nonrelatives itemize their deductions. The nonrelatives will not receive a tax credit for a child or other dependents for that tax year. Form 832 — Release of Claim to Exemption for Child and Income from Activities of a Dependent (Form 832/833) Form W-2 — Release of Claim to Exemption for Child and Income (For Parenting Plans) If a taxpayer's release statement for one family member or one minor child is accepted as proof of a release form for all children, the release statement must be attached to a new Form1040 (or W-2) for each of the children for the year to which it applies. Note that a release statement will not be accepted when the nonrelatives filed the first Form 1040 or Form W-2 for one particular dependent child. The amount of the credit for each child is equal to the tax paid by the child in the tax year in which the release statement is filed. Note that the credit is for expenses for services performed in the family's home, even when the services were not performed at a designated place of business.

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