To review IRS Form 8332 this is the release or revocation of release of claim to exemption for a child by a custodial parent so a couple of things before we get into this form because it's very brief this is a form that generally is used by a custodial parent to either release their claim to a tax exemption for a child or to revoke a previous release of their claim for that exemption so a couple of questions come to mind such as what is an exemption well uh prior to tax year 2024 personal exemption used to be a deduction that you could claim on your income tax return for every member of your household to include your minor children as part of the tax cuts and job act that was passed in 2024 the deduction for personal exemptions has been suspended for uh the near future through tax year 2024. but barring any legislative changes uh to the tax law then starting in tax year 2024 the personal exemption reverts back to its previous form so as I mentioned this is a fairly brief form there's three parts to it there's part one part two part three part one is the release of claim to the exemption for a current year part two is the release of claim to exemption for future years and then part three is a revocation of a previous release to an exemption now why would you want to either release a claim or revoke the release of a claim for a personal exemption when you cannot take a tax deduction well the purpose there are a couple of purposes so in the instructions which are on the same page you'll note that there are a couple of tax credits that happen...
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How to prepare Form 8332
About Form 8332
Form 8332, also known as the Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent, is a tax form used in the United States by divorced or separated parents to release or revoke their claim to a child's exemption. When parents are divorced or separated, typically only one parent can claim the child as a dependent on their tax return. The custodial parent, who has the child living with them for the majority of the year, is usually entitled to claim this exemption. However, the custodial parent can use Form 8332 to release their claim to the exemption and allow the noncustodial parent to claim it instead. Additionally, if the custodial parent had previously released their claim to the exemption but now wants to revoke it, they can use Form 8332 to do so. This form is required by the Internal Revenue Service (IRS) to ensure that only one parent claims the child as a dependent, avoiding any potential conflicts or double claims. It's important to note that Form 8332 is only necessary when parents are divorced, legally separated, or living apart, and both parents want to claim the child as a dependent. In situations where the parents are married and filing a joint return, or if the child is only claimed by the custodial parent, Form 8332 is not required.
What Is Form 8332?
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