How To Lose A Dependent

Normally, determining if you can claim a child as a dependent is relatively easy when filling out your IRS tax forms. But like most things tax related, the answers aren’t always simple. In my case, even though my son spends more than 6 months a year living with me I won’t be claiming him as a dependent this year on my tax return. As part of my divorce settlement I agreed to allow my ex-wife to continue to claim our son as a dependent on her taxes. However, the divorce decree alone is insufficient to allow my ex to claim this exemption. To do this my wife also needs me to complete a copy of “Release of Claim to Exemption for Child of Divorced or Separated Parents” otherwise known as IRS Form 8332.