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VA online Form 8332: What You Should Know
The release date is the first day of the next month. A form may be dated for the next month or more to give a more accurate result. It's common for the release date to include a day or event that would take place during the month of release. This allows the withholding agents in the child's state of residence to apply this release if the child moves to another state. You will not see the tax benefit of exemption until your child reaches 19. Form 8332 is available at any IRS Tax Sales Office. Form 8332 is available when you are a Federal contractor and the form is used to claim, in your self-employment tax return and on separate filing schedules for employer and self, an exemption for your child for whom you would otherwise be liable for the Federal Insurance Contributions Act (FICA) tax. This Form may not be used to: • Claim an exemption for your child from the FICA tax; • Claim a tax credit for child health insurance premiums; • • Claim Social Security benefits for your child; • • Claim a deduction for the expense of claiming an exemption for your child. The return of this Form must be signed in duplicate by the taxpayer and parent. This Form must be filed both with the IRS and with the noncustodial parent. See Part VI of Form 1040, line 18, for more information on how to complete the tax information return on the return of this return. Form 8332 is a form made for use only by a parent who does not claim or obtain an exemption for his or her child. Form 8332 is not a substitute for Form 28-8021, Release/Revocation of Release of Claim to Exemption. If an individual claims an exemption for his or her child on a federal tax return for more than one tax period, he must use Form 8332 for each period of filing. All income from sources other than child tax credits, social security benefits, and qualified tuition and fees received by a child are taxable to the parent. A child does not owe additional Social Security tax on the income from these sources.
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