Claiming Tax Benefits for Your Children

Parents, tax season is upon us yet again!  Please remember to refer to your parenting plans to determine which parent is legally authorized to claim exemptions for the children on his or her income tax returns this year.

If you are a custodial parent and it is the other parent's year to claim the children as dependents, be sure to complete IRS Tax Form 8332 (one for each child) to release your claim to exemption and allow the other parent to proceed with filing his or her tax return.  Many parenting plans require that you file Form 8332 on or before a certain date (generally by February 15th of the year the return will be filed).  Failure to file Form 8332 could result in a contempt filing or other potential consequences.

If it is your year to claim the children, it never hurts to send a friendly reminder to the other parent with a copy of Form 8332 early in the year.

IRS Tax Form 8332 can be found online here.