Wednesday, February 19, 2014
Alternating Dependent Deductions
Many divorce agreements order divorcing parents to annually alternate who can claim a child as a dependent for tax purposes. According to IRS Publication 504 (Divorced or Separated Individuals) , the form to file is Form 8332: Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent. Often overlooked by divorcing individuals, this form must be completed every time there is a change in the dependent deduction. Both Publication 504 and Form 8332 are available for download at www.irs.gov. The IRS transmits the dependent deduction information to the Massachusetts Department of Revenue so there is no need to file a similar form with you state taxes. Find more information on taxation on our LAW ABOUT Taxation page.
Posted by Suzanne at 2:29 PM