Just rec'd from NATP

[Jesse]

The definitions of custodial parent and noncustodial parent for dependency exemptions, the child tax credits, and other provisions of the Code were changed as a result of the Gulf Opportunity Zone Act of 2005. A custodial parent is newly defined as the parent having custody of a child for the greater part of the year. The new law also restored the requirement that a noncustodial parent who claims an exemption for a child must attach Form 8332, or a similar statement, signed by the custodial parent to his or her return.

According to the IRS, the changes are not reflected in the following: The 2005 instructions for Forms 1040 and 1040A; Form 2441; Form 8615; Form 8814; Publication 17; Publication 501; Publication 503; Publication 504; and Publication 929.

[Bees Knees]

This was covered in the 12/26/2005 update. See the last heading at http://www.thetaxbook.com/updates_view.asp?ID=34 It even gives an example.

[jainen]

another retroactive hit

This was another retroactive hit from our Congress. Anyone who relied on the 2004 law that said his divorce decree would trump the calendar, got a nice surprise in the last days of that calendar.