- 5 - 152(e)(1). Under this rule, the parent with custody of the child for the greater portion of the year (the “custodial parent”) generally is treated as having provided over half of the child’s support, regardless of which parent actually provided the support. Id. Custody is determined as follows: “Custody”, for purposes of this section, will be determined by the terms of the most recent decree of divorce or separate maintenance, or subsequent custody decree, or, if none, a written separation agreement. In the event of so- called “split” custody, or if neither a decree or agreement establishes who has custody, or if the validity or continuing effect of such decree or agreement is uncertain by reason of proceedings pending on the last day of the calendar year, “custody” will be deemed to be with the parent who, as between both parents, has the physical custody of the child for the greater portion of the calendar year. Sec. 1.152-4(b), Income Tax Regs. An exception to the special rule exists which entitles the noncustodial parent to the dependency exemption deduction. Sec. 152(e)(2). For the exception to apply, the custodial parent must sign a written declaration releasing his or her claim to the deduction, and the noncustodial parent must attach the declaration to his or her tax return. Id. The Internal Revenue Service provides Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents, which can be used as the written declaration required by section 152(e)(2). A credit generally is allowed to a taxpayer for each qualifying child of the taxpayer. Sec. 24(a). Among other requirements, a qualifying child is one for whom the taxpayer isPage: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011