Tax Tip of the Week*

EXEMPTION FOR A CHILD
The rules for claiming a child as an exemption by a divorced parent are rather simple and straightforward. Barring a written agreement otherwise, only the parent who has custody of the child for more than half the year can claim that child as an exemption. It does not matter who is paying child support or how much the child support is. Custody determines the exemption. The exception is that through the use of Form 8332, the custodial parent can waive the exemption for any particular year of for a series of years. That form needs to be attached to the tax return of parent claiming the exemption