|
Who can claim the kids?
Dear Tax Talk:
The noncustodial parent (the father) pays $800 a month in child
support and carries the kids on health insurance. The custodial
parent (the mother) refuses to work and hasn't had a job in a year.
Can she claim the kids on her taxes? What if she has
them on welfare and the father pays child support, health insurance
and all the kids' expenses? Doesn't that give him the right to claim
the children?
Michelle
Dear Michelle:
This is always a good time of year to remind divorced parents that
for the noncustodial parent to claim the child, he or she needs
either the custodial parent to release the right to claim the child
or the parties have a post-1984 divorce decree, providing
that the noncustodial parent is entitled to the exemption.
A chart on page 9 of Internal Revenue Service Publication
504 helps you through these rules.
If the divorce decree is silent on the exemption issue,
then the noncustodial parent can only claim the child as a dependent
if the custodial parent signs a release to the exemption. IRS Form
8332 is used by the custodial parent to release the exemption
to the noncustodial parent, who then files it with his or her tax
return.
The exemption can be released for one or more tax
years. Since the form needs to be signed by the ex-spouse, you should
allow sufficient time to get her signature, so you can file your
return on time.
-- Posted: Jan. 17, 2002
Bankrate.com writers base their answers on our
editorial content and advice of financial professionals. We make
no claims or representations about the accuracy, timeliness or completeness
of such content, advice or the answers provided to you. Our content,
advice and answers are intended only to assist you with your financial
decisions. However, by its nature such information is broad in scope.
Your financial situation is unique, and our content, advice and
answers may not be appropriate for your situation. Accordingly,
we recommend that you get different opinions and seek the advice
of your accountant and other financial advisers before making any
final decisions or implementing any financial or investment strategy.
|
