the person required to make such return and the phone number of the information contact for such person, and (B) the information required to be shown on the return with respect to such individual. (2) Time for furnishing statements The written statement required under paragraph (1) shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made. (d) Qualifying foster child For purposes of this section, the term qualifying foster child has the meaning given such term under section 36C(c)(2). . (2) Assessable penalties (A) Section 6724(d)(1)(B) of such Code is amended by striking or at the end of clause (xxv), by striking and at the end of clause (xxvi) and inserting or , and by inserting after clause (xxvi) the following new clause: (xxvii) section 6039K (relating to information returns with respect to foster child placement), . (B) Section 6724(d)(2) of such Code is amended by redesignating the second subparagraph (JJ) as subparagraph (KK), by striking or at the end of subparagraph (II), by striking the period at the end of the first subparagraph (JJ), by striking the period at the end of subparagraph (KK) (as so redesignated) and inserting a comma, and by inserting after such subparagraph (KK) the following new subparagraph: (LL) section 6039K(c) (relating to statements with respect to foster child placement). . (3) Clerical amendment The table of sections of subpart A of part III of subchapter A of chapter 61 of such Code is amended by inserting after the item relating to section 6039J the following new item: Sec. 6039K. Information reporting with respect to foster child placement. . (c) Election not To take child tax credit Section 24(h)(4) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (D) Election not to take credit A taxpayer may elect not to have this paragraph apply with respect to any dependent of the taxpayer to whom a credit would otherwise be allowed by reason of