Part III is to revoke part II which releases the exemption for all future years. I suggest *only* using part I and fill out a new form every year on a year-to-year basis because revoking part II does not take effect until the year *after* the 8332 revoking part III is filed.
For example, if you gave a 8332 in 2016 with part I releasing for 2016 only then you will need to fill out another 8332 to release the exemption for 2017 if you desire to again release the exemption.
However, if in 2016 you filled out part II releasing for future years and no longer want to release the exemption by filling out part III then that will not take effect until 2018 and the other parent can still claim for 2017 per the previous part II.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
