Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
One more related question - when it's our turn to take the exemption for Daughter, we've always had Dad sign form 8332 (Release of Claim of Exemption), something he feels is unnecessary (but I'd rather dot all i's, etc).

It doesn't hurt. You can't really have 50/50 custody--someone's going to have the child at least a second more than the other over the course of the year. If things have been going along fine, I see no need to rock the boat.

This year, Turbotax offers what looks like a similar kind of document, "Multiple Support Declaration" (form 2120). I'm pretty sure we don't need it this year as we're not taking the exemption, but I don't remember seeing it before.

That doesn't apply to you. It applies to dependents other than children, and only when two or more people are providing more than 50% of the person's support, but no one person is providing more than 50%. Again, there are special rules for children, so multiple support is moot.

Phil
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.