@greenstripedgira wrote:
Thank you! that is a lot of information. So in layman easy to understand ...
I easily meet the IRS standard of custodial parent who has 2 kids more than 50% of the time. The other parent has 1 child more than 50% of the time. I would plan to claim two dependants and assume the other parent would claim one dependent. As the custodial parent of two children according to the IRS - do I need to have the non-custodial parent fill out a form stating that he will not claim my two children? I could see that it would be feasible for me to fill out the 8332 form for the one child I am IRS non-custodial. So filling out Form 8332 three times.
I fill out Form 8332 once to not claim child #1 and the other parent fills out Form 8332 two times to not claim children #2 and #3 ?? Is this what is required?
No.
The parent where the child lives more than half the nights of the year has the automatic right to claim that child as a dependent with no forms required.
If you physically have custody of child 1 and child 2 more than half the nights of the year, you can automatically claim these children on your tax return with no release forms. If the other parent has actual physical custody of child #3 more than half the nights of the year, then the other parent can claim child #3 with no forms of any kind.
The only reason you fill out form 8332 is if you want to release child #1 or #2 to the other parent, and the other parent would give you a signed form 8332 if the other parent was going to release child #3 to you.
