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Old 10-16-2012, 11:56 AM   #78
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Location: New York
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Originally Posted by earthflower
The custodial parent is highly advised to execute Form 8332 to release his or her claim to the dependent's exemption. Other documents such as divorce decrees, separation agreements, and child custody agreements may not provide the same level of detail as Form 8332. It's advisable to always prepare Form 8332 when parents agree on splitting the tax benefits for a particular dependent.

Form 8332 must be given to the non-custodial parent, who will then attach this form to his or her tax return. The custodial parent should keep copies of the form as well.

Cautions when Splitting the Child-Related Tax Benefits
Two taxpayers should not attempt to claim the same dependent. This will trigger an automatic IRS audit of both tax returns.

The noncustodial parent should always attach Form 8332 to his or her tax return to claim the tax benefits related to the child. The IRS is aggressive in denying dependents and other child-related tax breaks when this form is missing.

Custodial parents can revoke their waiver. Noncustodial parents should carefully review each year whether they can claim a dependent.

This sharing of the child-related tax benefits is available only to taxpayers who are the child's parents. Splitting of the dependent's tax benefits is not available to other family members.
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