Time Again For That Dependency Exemption Thing

by Annette Burns on February 2, 2016

Tax time is here, and once again I’ll note that you MUST have a Form 8332 executed by the custodial parent (the parent who has the children at least 50% of the time) in order to claim the child as a dependent on your tax return, even if you are POSITIVE that the dependency exemption belongs to you.

Peter Reilly has great articles on this and frequency writes about divorce-related tax issues.  This article about Form 8332 and its issues is another good one.    Reilly’s final advice on the dependency exemption, which everyone seems to fight over in divorce settlement talks, is:   “the smart thing for a noncustodial parent would be to seek some other concession and forget about the exemption , since it is one more thing that there can be future bickering about.”  And as I pointed out in this post, also consider that the exemption may not be worth as much as you think anyway.

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